Nigeria’s Oil Production Increases by 9.9% to 1.69mbpd – NUPRC

Nigeria’s oil production, including condensates, rose by 9.9% to 1.69 million barrels per day (mbpd) in November 2024, up from 1.538 mbpd in October. According to the latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), crude oil production saw an 11.42% increase, reaching 1.48 mbpd in November, compared to 1.33 mbpd in October. However, this still falls short of Nigeria’s production quota set by the Organisation of Petroleum Exporting Countries (OPEC). Meanwhile, condensate production, which is not subject to OPEC quotas, saw a slight decline of 0.01%, dropping to 204,828 barrels per day from 204,806 in October. Despite the production increase, actual output still falls below the 2024 budget target of 1.78 mbpd, despite claims by the Nigerian National Petroleum Company Limited (NNPC) that production has reached 1.8 mbpd. The data highlights the ongoing difficulties in achieving national production goals while efforts to boost output continue.