The Federal Government announced that Nigeria’s oil production, including condensates, rose by 9.9% to 1.69 million barrels per day in November 2024, up from 1.538 mbpd in October 2024.
Data from the Nigerian Upstream Petroleum Regulatory Commission shows that liquid crude oil production rose by 11.42% to 1.48 mbpd in November 2024, up from 1.33 mbpd in October. However, this remains below Nigeria’s production quota set by the Organisation of Petroleum Exporting Countries.
Conversely, condensate oil production, which is exempt from OPEC’s quotas, recorded a slight decline of 0.01% in November, falling to 204,828 barrels per day from 204,806 barrels per day in October.
Despite recent gains, Nigeria’s oil production remains below the 2024 budget benchmark of 1.78 mbpd, even as the Nigerian National Petroleum Company Limited claims production has reached 1.8 mbpd.
This discrepancy underscores ongoing challenges in meeting national targets, despite efforts to enhance output in the upstream sector.
Commenting, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, ststed that OPEC’s extension of Nigeria’s oil production quota to 1.5 million bpd aligns with the country’s production goals, highlighting progress toward stabilizing output.
Lokpobiri said that the quota aligns with Nigeria’s 2025 oil output benchmark of 2.06 million bpd, complementing the country’s production goals.
“For Nigeria, these resolutions align with our 2025 production target of 2.06 million barrels per day, inclusive of condensates, as outlined in the draft 2025 Appropriation Bill,” he said.
On November 26, the Port Harcourt refinery, with a processing capacity of 60,000 barrels per day, officially began crude oil processing.
The Organisation of the Petroleum Exporting Countries has confirmed that Nigeria remains Africa’s largest oil producer.
In its latest monthly report, OPEC noted that Nigeria’s oil output rose to 1.48 million barrels per day in November, up from 1.33 million bpd in October. This production level made Nigeria the top oil producer in Africa for both October and November.
OPEC reported that Nigeria’s production of 1.48 million barrels per day in November remained the highest in Africa, surpassing Algeria, which produced 908,000 bpd, and Congo, with an output of 268,000 bpd.
Nigeria retained its position as the continent’s top oil producer, a status it held since October.
