OPEC report —  Nigeria’s crude oil production has increased

The nation’s production, including condensates, increased by 11% from 1.333 million barrels in October to 1.486 million in November 2024, according to the OPEC MOMR for December 2024.

According to the data, the daily increase was 152,000 barrels per day, and between October and November of last year, there was an increase of around one million barrels.

This is because, according to the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) most recent data on oil production, the average daily oil output in December 2024 decreased by 1.35 percent month over month from 1.690 million barrels per day in November 2024 to 1.667 million barrels per day.

According to Commission data, the highest daily oil production in December 2024 was 1.79 million barrels per day, while the lowest daily production was 1.57 million barrels per day.

In total, 51.69 million barrels of oil were produced in December 2024, a slight increase of 1.9% above the 50.71 million barrels produced in November 2024.

Subsequent data analysis revealed that the Forcados Terminal produced the most oil in December 2024 (8.49 million barrels), followed by the Bonny Terminal (7.78 million barrels) and Qua Iboe (4.15 million barrels).

According to the data, Nigeria produced 1.484 million barrels of oil per day without condensate, meaning it once again fell short of the 1.5 million barrels per day oil production quota that OPEC had given it.

According to the average daily oil production in December 2024, Nigeria also fell short of the 2024 budget’s 1.7 mbpd target for the entire year.

According to NUPRC data on daily average production, oil production, including condensate, was 1.64 million barrels per day in January 2024, 1.53 million barrels per day in February, 1.43 million barrels per day in March, 1.45 million barrels per day in April, 1.47 million barrels per day in May, 1.50 million barrels per day in June, 1.53 million barrels per day in July, 1.57 million barrels per day in August, 1.54 million barrels per day in September, October, 1.69 million barrels per day, November, 1.67 million barrels per day, and December.