Recent Monthly Oil Market Report by the Organization of the Petroleum Exporting Countries (OPEC) showed that Nigeria’s daily average crude oil production increased by 152, 000 barrels per day in November 2024.
According to the Monthly Oil Market Report, the country’s production including condensates rose by 11%, from 1.333 million barrels in October to 1.486 million in November 2024.
The analysis puts the daily increase to 152, 000b/d and about one million barrels increase between October and November last year.
This is as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in its latest oil production data, indicated that on a month-on-month basis, daily average oil output in December 2024, declined by 1.35 per cent from 1.690 million barrels per day recorded in November 2024, to 1.667mbpd.
Data from the Commission also indicated that daily peak oil production in December 2024 was 1.79mbpd while the lowest daily production was 1.57mbpd.
Cumulatively, oil output in December 2024, was 51.69 million barrels, a marginal increase of 1.9 per cent when compared to 50.71 million barrels produced in November 2024.
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