Nigeria’s daily average oil production rose by 152,000 barrels per day last November 2024.
This is according to data sourced from the newly released monthly oil market report by the Organisation of the Petroleum Exporting Countries.
The data from OPEC MOMR for December 2024 showed that the country’s production, including condensates, rose by 11 percent, from 1.333 million barrels in October to 1.486 million in November 2024.
The analysis puts the daily increase at 152,000 barrels per day and about one million barrels increase between October and November last year.
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Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in its latest oil production data, indicated that on a month-on-month basis, daily average oil output in December 2024 declined by 1.35 percent from 1.690 million barrels per day recorded in November 2024 to 1.667 mbpd.
The data showed that without condensate, daily oil production was 1.484 million, indicating that it did not meet up with its oil production quota of 1.5 mbpd allotted to it by OPEC.
The December 2024 average daily oil output also means that Nigeria failed to meet the 1.7 mbpd benchmark set for the 2024 budget all through the year.
NUPRC data on daily average production showed that oil production, including condensate, in January 2024 was 1.64 mbpd; February, 1.53 mbpd; March, 1.44 mbpd; April, 1.45 mbpd; May, 1.47 mbpd; June, 1.50 mbpd; July, 1.53 mbpd; August, 1.57 mbpd; September, 1.54 mbpd; October, 1.54 mbpd; November, 1.69 mbpd; and December, 1.67 mbpd.
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