According to information compiled from the Organization of Petroleum Exporting Countries’ recently released monthly oil market report, Nigeria’s daily average oil production increased by 152, 000 barrels per day in November.
According to the OPEC MOMR for December 2024, the country’s production including condensates rose by 11 per cent, from 1.333 million barrels in October to 1.486 million in November 2024.
According to the analysis, there were 152, 000 barrels of daily growth between October and November of last year, which is an increase of roughly one million.
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.
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According to the Commission’s data, daily peak oil production was 1. 79 mbpd in December 2024, while daily lowest daily production was 1. 57 mbpd.
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.
Further analysis of the data showed that the highest oil output in December 2024 was recorded at Forcados Terminal at 8.49 million barrels followed by Bonny Terminal, 7.78 million barrels and Qua Iboe, 4.15 million barrels.
The data showed without condensate, daily oil production was 1.484 million, indicating that Nigeria, again, failed to meet its oil production quota of 1.5mbpd allotted to it by OPEC.
Nigeria also failed to meet the 1.7mbpd benchmark set for the 2024 budget all the way through the year because of the average daily oil output from December 2024.
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