The Federal Authorities says Nigeria’s oil manufacturing, together with condensates, jumped by 9.9 per cent to 1.69 million barrels per day in November 2024, up from 1.538mbpd recorded in October 2024
In accordance with the most recent information launched by the Nigerian Upstream Petroleum Regulatory Fee, an company of the Federal Authorities, liquid crude oil manufacturing rose by 11.42 per cent, reaching 1.48mbpd in November in comparison with 1.33mbpd in October.
Nevertheless, this determine stays beneath the manufacturing quota allotted to Nigeria by the Organisation of Petroleum Exporting Nations.
Conversely, condensate oil manufacturing — exempt from OPEC’s quotas —declined barely by 0.01 per cent in November, dropping to 204,828 barrels per day from 204,806 barrels per day in October.
Regardless of these enhancements, oil manufacturing continues to fall in need of the 2024 price range benchmark of 1.78mbpd. This discrepancy persists regardless of claims by the Nigerian Nationwide Petroleum Firm Restricted that oil manufacturing has risen to 1.8mbpd.
The info highlights the continuing challenges in assembly nationwide manufacturing targets whereas underscoring latest efforts to spice up output within the upstream sector.
Commenting on Nigeria’s quota, the Minister of State for Petroleum Sources (Oil), Heineken Lokpobiri, mentioned the decision of OPEC to increase Nigeria’s oil manufacturing quota to 1.5 million bpd is in step with the nation’s output goal.
Lokpobiri mentioned the quota enhances Nigeria’s 2025 oil output benchmark of two.06 million bpd.
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“For Nigeria, these resolutions align with our 2025 manufacturing goal of two.06 million barrels per day, inclusive of condensates, as outlined within the draft 2025 Appropriation Invoice,” he mentioned.
On November 26, the Port Harcourt refinery, with a capability of 60,000 barrels per day, formally commenced crude oil processing.
In the meantime, the Organisation of the Petroleum Exporting Nations says Nigeria has retained its place as the most important oil producer in Africa.
In its newest month-to-month report on Wednesday, OPEC mentioned Nigeria’s oil output elevated in November to 1.48 million barrels per day from 1.33 million bpd within the earlier month.
The oil alliance mentioned the manufacturing determine was Africa’s largest in October, at the same time as Nigeria continued to carry the highest spot on the continent within the subsequent month.
In November, OPEC mentioned Nigeria surpassed Algeria, which produced 908,000 bpd, adopted by Congo, which had an output of 268,000 bpd.
OPEC mentioned its information was based mostly on direct communication, noting that its secondary sources reported that Nigeria’s crude manufacturing elevated to 1.417 million bpd in November — up from 1.4 million bpd in October.
“In accordance with secondary sources, whole OPEC-12 crude oil manufacturing averaged 26.66 mb/d in November 2024, which is 104 tb/d larger, m-o-m,” OPEC mentioned.
“Crude oil output elevated primarily in Libya, IR Iran and Nigeria, whereas manufacturing in Iraq, Venezuela, and Kuwait decreased.
“On the identical time, whole non-OPEC DoC crude oil manufacturing averaged 14.01 mb/d in November 2024, which is 219 tb/d larger, m-o-m. Crude oil output elevated primarily in Kazakhstan and Malaysia.”
On Wednesday, the Nigerian Upstream Petroleum Regulatory Fee mentioned Nigeria’s crude oil manufacturing elevated to 1.69 million bpd in November — from 1.53 million bpd in October.