OPEC Report Shows Nigeria’s Oil Gains in November

Frank WhiteJanuary 13, 2025

1 minute read

Kehinde Fajobi

Nigeria’s daily oil production rose by 152,000 barrels per day (bpd) in November 2024, according to the December 2024 Monthly Oil Market Report (MOMR) by the Organisation of the Petroleum Exporting Countries (OPEC).

The report revealed an 11% increase in oil production, including condensates, from 1.333 million bpd in October to 1.486 million bpd in November 2024.

This translated to an additional one million barrels of crude produced within the month.

However, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicated a slight decline in December 2024, with average daily production falling by 1.35% from 1.69 million bpd in November to 1.667 million bpd in December.

NUPRC also noted that daily peak oil production in December was 1.79 million bpd, while the lowest recorded was 1.57 million bpd.

Overall, 51.69 million barrels were produced in December, marking a 1.9% increase compared to November’s 50.71 million barrels.

Forcados Terminal recorded the highest output in December at 8.49 million barrels, followed by Bonny Terminal with 7.78 million barrels and Qua Iboe with 4.15 million barrels.

Despite these gains, Nigeria fell short of OPEC’s production quota of 1.5 million bpd (excluding condensates) and failed to meet the 1.7 million bpd benchmark set for the 2024 budget throughout the year.

Monthly data from NUPRC showed that oil production, including condensates, fluctuated across 2024:

January: 1.64mbpd

February: 1.53mbpd

March: 1.44mbpd

April: 1.45mbpd

May: 1.47mbpd

June: 1.50mbpd

July: 1.53mbpd

August: 1.57mbpd

September: 1.54mbpd

October: 1.54mbpd

November: 1.69mbpd