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Nigeria’s oil production, including condensates, surged to 1.69 million barrels per day (mbpd) in November 2024, marking a 9.9% increase from October’s output of 1.538mbpd.
This is according to the latest report from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The report highlighted a significant 11.42% boost in crude oil production, which rose to 1.48mbpd in November from 1.33mbpd in October.
However, condensate production — which is not subject to the Organisation of Petroleum Exporting Countries (OPEC) quotas — saw a slight dip, falling to 204,828 bpd from 204,806 bpd in the previous month.
Despite this positive trend, Nigeria’s oil production still lags behind its 2024 budget benchmark of 1.78mbpd.
This is in contrast to claims by the Nigerian National Petroleum Company Limited (NNPCL) that production had risen to 1.8mbpd.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, commented on Nigeria’s production quota under OPEC, noting that it aligns with the country’s strategic 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,” Lokpobiri stated.
As part of efforts to bolster production capacity, the Port Harcourt refinery resumed operations on November 26, processing up to 60,000 barrels of crude oil daily.
This development is seen as a crucial step toward reducing Nigeria’s dependence on imported refined petroleum products.
Nigeria has also retained its position as Africa’s top oil producer, according to OPEC’s latest monthly report.
The report noted that Nigeria’s crude oil output increased from 1.33mbpd in October to 1.48mbpd in November, securing its lead over Algeria, which produced 908,000 bpd, and Congo, which recorded 268,000 bpd.
OPEC’s report, based on direct communications and secondary sources, confirmed that Nigeria remains a key player in Africa’s oil production landscape.
