November Sees 11.42% Rise In Crude Oil Production

November Sees 11.42% Rise In Crude Oil Production

Nigeria’s oil production, including condensates, saw a significant increase of 9.9% in November 2024, rising to 1.69 million barrels per day (mbpd), up from the 1.538 mbpd recorded in October 2024...READ MORE…

According to the latest figures 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 is still below the production quota assigned to Nigeria by the Organisation of Petroleum Exporting Countries (OPEC).

In contrast, condensate oil production—which is not subject to OPEC quotas—slightly decreased by 0.01% in November, falling to 204,828 barrels per day from 204,806 barrels per day in October.

Despite these improvements, the actual oil production remains below the 2024 budget benchmark of 1.78 mbpd. This gap continues even though the Nigerian National Petroleum Company Limited (NNPC) has reported that production has increased to 1.8 mbpd.

The data underscores the persistent challenges in meeting national production targets while also highlighting recent efforts aimed at enhancing output in the upstream sector.

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