The Federal Government has declared that Nigeria’s oil production, including condensates, increased by 9.9 per cent to 1.69 million barrels per day in November 2024, up from 1.538mbpd recorded in October 2024.
According to the latest data released by the Nigerian Upstream Petroleum Regulatory Commission, an agency of the Federal Government, liquid crude oil production rose by 11.42 per cent, reaching 1.48mbpd in November compared to 1.33mbpd in October.
However, this figure remains below the production quota allocated to Nigeria by the Organisation of Petroleum Exporting Countries. Conversely, condensate oil production — exempt from OPEC’s quotas —declined slightly by 0.01 per cent in November, dropping to 204,828 barrels per day from 204,806 barrels per day in October.
Despite these improvements, oil production continues to fall short of the 2024 budget benchmark of 1.78mbpd. This discrepancy persists despite claims by the Nigerian National Petroleum Company Limited that oil production has risen to 1.8mbpd.
The data highlights the ongoing challenges in meeting national production targets while underscoring recent efforts to boost output in the upstream sector.
