Nigeria’s crude oil production in December 2024 reached 98.97% of its allocated quota from the Organisation of the Petroleum Exporting Countries (OPEC), according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
OPEC had set an average daily production quota of 1.5 million barrels per day (mb/d) for Nigeria. The country achieved 1.48 mb/d of crude oil, supplemented by 49,276 barrels per day (bpd) of blended condensate and 133,699 bpd of unblended condensate, bringing the total output to 1.66 mb/d.
NUPRC’s report revealed that the lowest and highest daily production levels for the month were 1.57 mb/d and 1.79 mb/d, respectively. However, December’s output marked a slight decline of 22,925 bpd compared to November’s total of 1.69 mb/d.
Despite the progress, Nigeria continues to target an ambitious production average of 2 mb/d. NUPRC has laid out plans to achieve this goal, with Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri asserting that the country has the capacity to reach up to 3 mb/d, having previously achieved 2.4 mb/d in 2020.
The Nigerian National Petroleum Company Limited (NNPCL) reported a production rate of 1.8 mb/d in November and remains under pressure to scale up to 3 mb/d, a target that NNPCL’s Group Chief Executive Officer, Malam Mele Kyari, described as challenging but not impossible.
Efforts to curb crude oil theft, a persistent obstacle, are crucial to realizing Nigeria’s long-term production goals and maximizing its oil industry potential.