The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that in December 2024, Nigeria achieved 98.97 percent of its crude oil production quota set by the Organisation of the Petroleum Exporting Countries (OPEC).
According to the Commission’s latest “Oil Production Status Report” for December 2024, released on Monday, OPEC’s average daily quota for the month was 1.5 million barrels per day (mb/d) of crude oil. However, Nigeria’s output stood at 1.48 mb/d of crude oil, 49,276 barrels per day (bpd) of blended condensate, and 133,699 bpd of unblended condensate, totalling 1.66 mb/d.
“The average crude oil production was 98.97 percent of the OPEC quota (1.5 mbpd),” the NUPRC stated.
The report further noted that the lowest and peak production levels for December were 1.57 mb/d and 1.79 mb/d, respectively.
It also highlighted that Nigeria’s output in November 2024 was 1.69 mb/d, reflecting a decline of 22,925 bpd in December.
Meanwhile, the country’s ambitious target of an average production of 2 mb/d has been hampered by incessant cases of oil theft but operators and stakeholders of the sector are optimistic of surpassing the target.
In its third anniversary last year, the NUPRC outlined plans to achieve 2 mb/d, with the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, emphasising that Nigeria, which recorded 2.4 mb/d in 2020, had the potential to produce 3 mb/d.
Similarly, the Nigerian National Petroleum Company Limited (NNPCL) reported a production of 1.8 mb/d in November. The NNPCL’s Board of Trustees Chairman, Chief Pius Akinyelure, urged the company to aim for 3 mb/d. Although the NNPCL’s Group Chief Executive Officer (GCEO), Malam Mele Kyari, agreed that 2 mb/d was a realistic target, he acknowledged the significant challenges in meeting the board’s ambitious goal.