Nigeria’s daily average oil production rose by 152,000 barrels per day in November 2024, according to the Organisation of the Petroleum Exporting Countries’ (OPEC) monthly oil market report. The report shows production, including condensates, increased by 11 percent, from 1.333 million barrels per day in October to 1.486 million in November.
However, figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reveal that oil production declined by 1.35 per cent month-on-month in December 2024, falling from 1.690 million barrels per day in November to 1.667 million barrels. The highest daily production recorded in December was 1.79 million barrels, while the lowest stood at 1.57 million barrels.
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Despite the decline, Nigeria’s cumulative oil output for December 2024 reached 51.69 million barrels, marking a slight increase of 1.9 percent from 50.71 million barrels in November. The Forcados Terminal recorded the highest output in December with 8.49 million barrels, followed by Bonny Terminal with 7.78 million barrels and Qua Iboe with 4.15 million barrels.
Without condensates, Nigeria’s daily oil production averaged 1.484 million barrels, falling short of the OPEC-set production quota of 1.5 million barrels per day. This performance also means that Nigeria failed to meet the 1.7 million barrels per day target set for the 2024 national budget.
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