According to the latest monthly oil market report from the Organization of the Petroleum Exporting Countries (OPEC), Nigeria’s average daily oil production increased by 152,000 barrels per day in November. The December 2024 report indicated that the country’s production, including condensates, rose by 11 percent from 1.333 million barrels in October to 1.486 million barrels in November 2024, marking an approximate one-million-barrel increase.
However, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a decrease in monthly average oil output for December 2024, which fell by 1.35 percent from 1.690 million barrels per day in November to 1.667 million. The highest daily production in December was recorded at 1.79 million barrels, while the lowest was 1.57 million barrels.
In total, oil production for December 2024 reached 51.69 million barrels, reflecting a slight increase of 1.9 percent compared to 50.71 million barrels in November. Forcados Terminal recorded the highest output in December at 8.49 million barrels, followed by Bonny Terminal at 7.78 million barrels and Qua Iboe at 4.15 million barrels.
Excluding condensates, Nigeria’s daily oil production was 1.484 million barrels, indicating that the country again fell short of its OPEC production target of 1.5 million barrels per day. The average daily output for December also meant Nigeria did not meet the 1.7 million barrels per day target set in the 2024 budget. NUPRC’s data showed that oil production with condensates throughout 2024 fluctuated, with January at 1.64 million barrels per day, February at 1.53 million, March at 1.44 million, and so on, culminating in December’s 1.67 million barrels per day.
