Nigeria’s crude oil output, including condensates, surged by 11% from October to November 2024, rising from 1.3 million barrels per day (bpd) to 1.4 million bpd, according to the latest monthly oil market report by the Organization of the Petroleum Exporting Countries (OPEC).
The OPEC report for December 2024 reveals that Nigeria’s daily oil production rose by 152,000 bpd, amounting to a total of 1.486 million barrels in November, up from 1.333 million in October 2024. This represents a substantial jump of approximately one million barrels over the month.
Despite this increase, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed in its latest data that oil production fell by 1.35% on a month-on-month basis in December 2024.
The country’s average daily output declined from 1.690 million bpd in November to 1.667 million bpd in December 2024.
The NUPRC’s records also indicated that Nigeria’s highest daily production peaked at 1.79 million bpd, with the lowest recorded at 1.57 million bpd. Cumulatively, Nigeria’s oil production for December 2024 totaled 51.69 million barrels, marking a modest increase of 1.9% compared to the 50.71 million barrels produced in November 2024.
A closer look at the data highlights the Forcados Terminal as the largest contributor to the national output, with 8.49 million barrels, followed by the Bonny Terminal with 7.78 million barrels and Qua Iboe at 4.15 million barrels. Excluding condensates, Nigeria’s daily oil production stood at 1.484 million barrels, further indicating that the country did not meet its OPEC-mandated quota of 1.5 million bpd.
In addition, the December 2024 average output signifies Nigeria’s ongoing failure to achieve the 1.7 million bpd benchmark set in the national 2024 budget. An analysis of the year’s monthly production figures reveals consistent shortfalls, with January’s production at 1.64 million bpd, February at 1.53 million bpd, and March at 1.44 million bpd, among other fluctuations throughout the year.
