Nigeria’s daily average oil production increased by 152,000 barrels per day in November 2024, according to the latest monthly oil market report (MOMR) from the Organization of the Petroleum Exporting Countries (OPEC).
The report shows that production, including condensates, rose by 11% from 1.333 million barrels per day in October to 1.486 million barrels per day in November.
This equates to a daily increase of 152,000 barrels and a total monthly increase of approximately one million barrels between October and November 2024.
However, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reveals that daily average production in December 2024 declined by 1.35%, falling to 1.667 million barrels per day from 1.690 million barrels per day recorded in November. Peak daily production in December reached 1.79 million barrels per day, while the lowest was 1.57 million barrels per day. Total oil output for December stood at 51.69 million barrels, representing a marginal 1.9% increase from the 50.71 million barrels produced in November.
Further analysis indicates that Forcados Terminal recorded the highest output in December 2024 with 8.49 million barrels, followed by Bonny Terminal with 7.78 million barrels and Qua Iboe with 4.15 million barrels. Excluding condensates, daily oil production was 1.484 million barrels, falling short of OPEC’s 1.5 million barrels per day quota for Nigeria.
Additionally, the December 2024 average output reflects Nigeria’s failure to meet the 1.7 million barrels per day benchmark set in the 2024 national budget throughout the year.
NUPRC data for 2024 shows monthly daily average production, including condensates, as follows: January, 1.64mbpd; February, 1.53mbpd; March, 1.44mbpd; April, 1.45mbpd; May, 1.47mbpd; June, 1.50mbpd; July, 1.53mbpd; August, 1.57mbpd; September, 1.54mbpd; October, 1.54mbpd; November, 1.69mbpd; and December, 1.67mbpd.
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