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.
