Nigeria’s oil output, including condensates, rose 9.9% in November 2024 to 1.69 million barrels per day (bpd) from 1.538 million bpd in October, according to the Federal Government.
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) shows that crude oil output increased by 11.42% in November, reaching 1.48 million barrels per day as opposed to 1.33 million barrels per day in October, according to Punch Online.
This amount, however, is still less than the output quota that the Organization of Petroleum Exporting Countries (OPEC) has set for Nigeria.
Condensate oil production, which is not impacted by OPEC quotas, decreased by 0.01% in November, from 204,806 barrels per day in October to 204,828 barrels per day.
Even with these increases, overall oil output falls short of the 1.78 million barrels per day budget objective for 2024. The Nigerian National Petroleum Company Limited (NNPC) reports that output has increased to 1.8 million barrels per day, although this shortage still exists.
Notwithstanding efforts to increase output in the upstream sector, the report emphasizes the difficulties Nigeria confronts in reaching its production goals.
“OPEC’s decision to expand Nigeria’s production quota to 1.5 million bpd is in line with the country’s aim and complements the 2025 benchmark of 2.06 million bpd outlined in the draft appropriation law,” said Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil).
The Port Harcourt refinery, which has a 60,000 bpd processing capability, also started processing crude oil again on November 26.
Nigeria continues to be Africa’s top oil producer, per the most recent OPEC report. According to the research, Nigeria’s crude oil production surpassed Algeria’s 908,000 barrels per day and Congo’s 268,000 barrels per day, rising from 1.33 million barrels per day in October to 1.48 million barrels per day in November.
According to OPEC figures, the average monthly production of crude oil among OPEC-12 members in November was 26.66 million barrels per day, up 104,000 barrels per month due to increased outputs in Nigeria, Iran, and Libya.
Production also climbed in non-OPEC countries, particularly in Malaysia and Kazakhstan.
Nigeria’s total crude oil production, including condensates, increased steadily from 1.53 million barrels per day in October to 1.69 million barrels per day in November, according to the NUPRC.