Nigeria’s oil production rose by 152,000 barrels per day in November 2024, reaching 1.486 million barrels per day, as per OPEC. However, data from the NUPRC shows a decline in December. The country failed to meet its OPEC target and its 2024 budget benchmark for oil output.
Nigeria's oil production saw a notable increase in November 2024, according to OPEC's latest report. The country’s output rose by 152,000 barrels per day, reaching a total of 1.486 million barrels daily. This represents an 11 percent increase from October’s production of 1.333 million barrels per day. Despite this increase, the production still fell short of Nigeria's OPEC-imposed quota of 1.5 million barrels per day.
However, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a decline in oil production in December 2024. The daily average output decreased by 1.35 percent from the previous month, dropping from 1.690 million barrels per day in November to 1.667 million in December. This decline highlights challenges in maintaining sustained growth in oil production.
Looking at the trends over the past year, Nigeria’s monthly production fluctuated, peaking at 1.690 million barrels per day in November before the drop in December. Despite these fluctuations, the country failed to meet the 1.7 million barrels per day target set in the 2024 national budget, as well as its OPEC quota.
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