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Home Business & Finance

Nigeria’s Oil Output Rises 13% to 1.7 Million Barrels Per Day

Nnaemeka OkwarabyNnaemeka Okwara
December 11, 2024
in Business & Finance
0
Nigeria’s Oil Output Rises 13% to 1.7 Million Barrels Per Day
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In November 2024, Nigeria’s crude oil production, including condensate, went up by 13.3% compared to the same month in 2023. It reached 1.7 million barrels per day (bpd), up from 1.5 million bpd in November 2023. This is also a 10% increase from October 2024, when production was 1.5 million bpd. These numbers come from the latest report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The NUPRC’s Nigeria Oil Production Output Report, released recently, shows that this is the highest production level in the country for 2024. The report also says that Nigeria’s output was 1.6 million bpd in January 2024, then dropped to 1.5 million bpd, and has now risen to the current level.

 

Experts have noted that the rise in oil production is a positive development for Nigeria’s 2025 budget. This increase helps meet the country’s financial goals and improves income chances.

Even though oil production increased, prices went down a little on Tuesday. This happened because people are less worried about problems in the area after the recent change in leadership in Syria.

The main global oil price, Brent crude, decreased by 0.11% to $72.06 for each barrel. At the same time, West Texas Intermediate (WTI) fell by 0.20% to $68.23 per barrel. This was the price at 9:50 a.m. WAT.

Tags: BarrelsBusinessfederal characterNewsNigeriaNigeria’s Oil Output Rises 13% to 1.7 Million Barrels Per DayOil Output
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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