…NUPRC Confirms 11.43% Increase in Oil Production
Nigeria has maintained its position as Africa’s largest oil producer, recording a notable rise in crude oil output for the month of November, according to reports from the Organisation of the Petroleum Exporting Countries (OPEC) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
OPEC, in its latest monthly report released on Wednesday, revealed that Nigeria’s oil production rose to 1.48 million barrels per day (bpd) in November, up from 1.33 million bpd in October.
The report noted that the country surpassed Algeria, which produced 908,000 bpd, and Congo, with 268,000 bpd, to retain its top spot in Africa.
“According to secondary sources, total OPEC-12 crude oil production averaged 26.66 mb/d in November 2024, which is 104 tb/d higher, month-on-month,” OPEC stated. “Crude oil output increased mainly in Libya, IR Iran and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased.”
The NUPRC also confirmed the upward trend, disclosing that crude oil production, including condensates, increased to 1.69 million bpd in November from 1.53 million bpd in October. This represents an 11.43 per cent increase from the previous month’s output of 1.33 million bpd.
Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), stated that OPEC’s resolution to maintain Nigeria’s production quota at 1.5 million bpd aligns with the country’s target of 2.06 million bpd by 2025.
“These resolutions align with our 2025 production target of 2.06 million barrels per day, inclusive of condensates, as outlined in the draft 2025 Appropriation Bill,” he noted.
Additionally, the Port Harcourt refinery, with a processing capacity of 60,000 barrels per stream day (bpsd), officially commenced crude oil processing on November 26, further bolstering the country’s refining capacity.
Despite the improved production figures, Nigeria’s output remains slightly below the OPEC-approved quota of 1.5 million bpd, reflecting the need for sustained efforts to meet and surpass targets.
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