Nigeria’s total oil production increased by 9.9 per cent to 1.69 million barrels per day mbpd) in the month of November 2024 from 1. 538 mbpd recorded in October 2024 according to oil production report released by the National Upstream Petroleum Regulatory Commission
The report showed that Liquid crude oil production increased by 11.42 per cent to 1.48 mbpd in November 2024 from 1.33 mbpd in October 2024. This increase to 1.48 mbpd is still below the OPEC’s quota of 1.5 mbpd for Nigeria as disclosed in the OPEC meeting held this month.
According to the monthly report data, condensate oil production, which is not part of OPEC’s quota declined slightly by 0.01 per cent, dropping to 204, 828 barrels per day in November 2024 from 204, 806 barrels in October.
Recall that the 2025 budget oil benchmark is fix at 1.78 mbpd
