Nigeria's oil output, including condensate, rose month-on-month by 4 percent to 1.737 million bpd in January 2025, from 1.667 million bpd recorded in the month of December 2024.
Meanwhile, on year-on-year, YoY basis, the nation’s oil output, including condensate, increased by 5.7 percent to 1.737 million bpd in January 2025, from 1.643 million bpd in January 2024.
This is according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The commission which disclosed this in its latest report, 'Crude Oil and Condensate Production, noted that, “Lowest and Peak Production in January were 1.66 million bopd and 1.79 million bopd respectively. The average crude oil production was 103% of OPEC quota (1.5 mbpd)
“The daily average production in January was 1,737,480 barrels per day, comprising of both Crude oil (1,538,697 bopd) and condensate (198,783 bopd).”
This indicates that Nigeria was able to meet the Organisation of Petroleum Exporting Countries (OPEC) target of 1.5 million, but unable to meet the 2.06 million bpd, which is also based on $75 per barrel.
Nonetheless, in its just-released February 2025 Monthly Oil Market Report (MOMR), the organization disclosed Nigeria’s oil output, excluding condensate, increased MoM, by 6.3 per cent to 1.539 million bpd in January 2025, from 1.485 million bpd recorded in the preceding month of December 2024.
But on YoY basis, the nation’s oil output, excluding condensate, increased by 7.8 per cent to 1.539 million bpd in January 2025, from 1.427 million bpd in January 2024, according to the Organisation of Petroleum Exporting Countries (OPEC).
OPEC said disclosed that this was based on data obtained from direct communication, adding that Nigeria remains the highest crude oil producer in Africa while Equatorial Guinea comes last with 62,000 bpd.
The report further indicated that the nation met OPEC quota of 1.5 million bpd.
Leave a Reply