Nigeria’s oil production rises by 9.9% to 1.69mbpd – NUPRC reports

Nigeria’s oil production, including condensates, increased by 9.9% to 1.69 million barrels per day (mbpd) in November 2024, up from 1.538 mbpd recorded in October 2024.

 

According to the latest data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), liquid crude oil production rose by 11.42%, reaching 1.48 mbpd in November compared to 1.33 mbpd in October. However, this figure remains below the production quota allocated to Nigeria by the Organisation of Petroleum Exporting Countries (OPEC).

 

Conversely, condensate oil production—which is exempt from OPEC’s quotas—declined slightly by 0.01% in November, dropping to 204,828 barrels per day from 204,806 barrels per day in October.

 

Despite these improvements, actual oil production continues to fall short of the 2024 budget benchmark of 1.78 mbpd. This discrepancy persists despite claims by the Nigerian National Petroleum Company Limited (NNPC) that oil production has risen to 1.8 mbpd.

 

The data highlights the ongoing challenges in meeting national production targets while underscoring recent efforts to boost output in the upstream sector.

 

 

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