The country’s crude oil production continue on it’s recovering path hitting its highest level for 2024 in November with a total of 1.7 million barrels per day (bpd) of crude oil and condensate output, the current data from the upstream regulator showed.
It will be recalled that trade transactions in the oil and gas sector which continue to progress with some leakages in bunkering blocked propelled Nigeria’s trade to an impressive high in the third quarter of 2024.
Nigerian production of crude oil and condensates rose in November by 13.3 per cent compared to the 1.5 million bpd output in the same month of 2023, according to data from the monthly output report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
However, the Organisation of Petroleum Exporting Countries, OPEC, said Nigeria’s oil output, excluding Condensate increased month-on-month (MoM) to 1.5 million barrels per day, bpd, in November 2024, from 1.3 million bpd in October 2024, indicating an increase of 15.3 per cent.
The recent recovery of Nigeria’s oil production, which has risen from 1.5 million bpd earlier this year, is good news for the 2025 budget of the country.
Nigeria’s budget for next year is based on 1.7 million bpd of oil production and oil prices at $75 per barrel.
Last month, Government said it had reached an output of 1.8 million bpd and said it could even hit 2 million bpd by the end of the year.
The Nigerian National Petroleum Company Limited (NNPCL) had declared a state of emergency on production in Nigeria’s oil and gas industry.
The NNPCL believes that Nigeria needs to take urgent action to address the challenges that have plagued the oil and gas industry for years, NNPC Group CEO Mele Kyari said earlier this year.
