Tuesday, January 14, 2025 - Nigeria’s daily average oil production rose by 152,000 barrels per day in November 2024, according to data sourced from the newly released monthly oil market report by the Organization of the Petroleum Exporting Countries,
The data
from OPEC MOMR for December 2024 showed that the country’s production,
including condensates, rose by 11 percent, from 1.333 million barrels in
October to 1.486 million in November 2024.
The
analysis puts the daily increase at 152,000 barrels daily and about one million
barrels increase between October and November last year.
Meanwhile,
the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in its latest
oil production data, indicated that on a month-on-month basis, daily average
oil output in December 2024 declined by 1.35 percent from 1.690 million barrels
per day recorded in November 2024 to 1.667 Mbps.
NUPRC data
on daily average production showed that oil production, including condensate,
in January 2024 was 1.64 mbpd; February, 1.53 mbpd; March, 1.44 mbpd; April,
1.45 mbpd; May, 1.47 mbpd; June, 1.50 mbpd; July, 1.53 mbpd; August, 1.57 mbpd;
September, 1.54 mbpd; October, 1.54 mbpd; November, 1.69 mbpd; and December,
1.67 mbpd.
The data
showed that without condensate, daily oil production was 1.484 million,
indicating that production did not meet up with its oil production quota of 1.5
mbpd allotted to it by OPEC.
The
December 2024 average daily oil output also means that Nigeria failed to meet
the 1.7 mbpd benchmark set for the 2024 budget all through the year.
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