Nigeria’s crude oil production surged in November, reaching a notable 1.69 million barrels per day (bpd), according to the Federal Government. This marks a 9.9% increase compared to October’s output of 1.538 million bpd, inclusive of condensates.
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicates an 11.42% rise in crude oil production, hitting 1.48 million bpd in November compared to 1.33 million bpd in October. Despite this progress, the figures still fall short of Nigeria's production quota set by the Organisation of Petroleum Exporting Countries (OPEC).
While crude oil production improved, condensate oil output—which operates outside OPEC’s restrictions—experienced a slight decline, dropping marginally by 0.01% from 204,806 bpd in October to 204,828 bpd in November.
The total production remains below the 2024 budget benchmark of 1.78 million bpd, despite assertions 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, remarked that OPEC’s decision to maintain Nigeria’s production quota at 1.5 million bpd aligns with the nation’s goals. The government is targeting an ambitious benchmark of 2.06 million bpd for 2025, as outlined in the draft appropriation bill.
In a positive development, the Port Harcourt refinery resumed crude oil processing on November 26, contributing 60,000 bpd to Nigeria’s output.
Nigeria continues to lead as Africa’s top oil producer, as highlighted in OPEC’s latest report. The report shows an increase in crude oil output from 1.33 million bpd in October to 1.48 million bpd in November, placing Nigeria ahead of Algeria’s 908,000 bpd and Congo’s 268,000 bpd.
OPEC's 12-member countries collectively averaged 26.66 million bpd in November, reflecting a 104,000 bpd month-on-month increase. This growth was primarily driven by higher outputs in Libya, Iran, and Nigeria. Non-OPEC members, including Kazakhstan and Malaysia, also recorded increased production.
