Nigeria’s Crude Oil Production Surges By 11% In November 2024

According to the latest Monthly Oil Market Report by the Organization of the Petroleum Exporting Countries (OPEC), Nigeria’s daily average crude oil production saw a significant rise of 152,000 barrels per day (bpd) in November 2024.
The report indicates that Nigeria’s overall production, including condensates, grew by 11 per cent, from 1.333 million barrels per day in October to 1.486 million barrels per day in November. This reflects a daily increase of 152,000 barrels, and an overall rise of approximately one million barrels compared to the same period in the previous year.
In contrast, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) shows a slight decline in production in December 2024. The daily average oil output dropped by 1.35 per cent, falling from 1.690 million barrels per day in November to 1.667 million barrels per day in December.
The NUPRC report also highlights that the peak daily oil production in December reached 1.79 million barrels per day, while the lowest production level was 1.57 million barrels per day. Cumulatively, Nigeria’s total oil output in December 2024 stood at 51.69 million barrels, reflecting a modest increase of 1.9 per cent compared to 50.71 million barrels produced in November.