Nigeria’s Oil Production Rises 9.9% in November 2024, Hits 1.69 Million BPD

The Federal Government has announced a 9.9% increase in Nigeria’s total oil production, including condensates, for November 2024. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), production rose to 1.69 million barrels per day (bpd), up from 1.538 million bpd in October.

Crude oil output alone saw an 11.42% boost, climbing to 1.48 million bpd in November from 1.33 million bpd in October. However, this figure remains below the production quota set by the Organisation of Petroleum Exporting Countries (OPEC).

Meanwhile, condensate oil production, which is exempt from OPEC quotas, experienced a slight decline of 0.01%, dropping to 204,828 bpd in November from 204,806 bpd in October.

Despite the gains, total production still falls short of the 2024 budget benchmark of 1.78 million bpd. This discrepancy persists despite claims by the Nigerian National Petroleum Company Limited (NNPC) that production has reached 1.8 million bpd.

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, noted that OPEC’s decision to extend Nigeria’s production quota to 1.5 million bpd aligns with the country’s targets. This is in line with the 2025 benchmark of 2.06 million bpd outlined in the draft appropriation bill.

Additionally, crude oil processing operations resumed at the Port Harcourt refinery on November 26, with a processing capacity of 60,000 bpd.

According to OPEC’s latest report, Nigeria remains Africa’s largest oil producer. Crude output increased from 1.33 million bpd in October to 1.48 million bpd in November, surpassing Algeria’s 908,000 bpd and Congo’s 268,000 bpd.

OPEC reported a total crude oil production average of 26.66 million bpd among its 12 member countries in November, reflecting a month-on-month increase of 104,000 bpd driven by gains in Libya, Iran, and Nigeria. Non-OPEC countries, including Kazakhstan and Malaysia, also recorded production growth.

The NUPRC emphasized that Nigeria’s steady improvements in oil production underscore ongoing efforts to enhance output in the upstream sector, but challenges remain in meeting both OPEC quotas and budget benchmarks.