Nigeria’s oil production has shown significant improvement in recent months, reaching its highest level of 2024 in November. The country produced a total of 1.7 million barrels per day (bpd) of crude oil and condensates, according to the latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
This marks a 13.3% increase in output compared to November 2023, when production was 1.5 million bpd. The rise in production is a positive development for Nigeria, particularly as it prepares its 2025 budget. Experts say the increase is crucial for the country’s financial planning, which is based on an anticipated 1.7 million bpd of oil production and oil prices at $75 per barrel.
Earlier this year, Nigeria’s oil production stood at 1.5 million bpd, but last month, the country reached 1.8 million bpd. Officials even stated that production could reach 2 million bpd by the end of 2024.
This boost follows a summer declaration of a state of emergency by Nigeria’s state-run oil company, NNPC, as the country struggled to increase output. NNPC’s Group CEO, Mele Kyari, emphasized the urgent need for action to address long-standing challenges in the oil and gas industry.
Key issues, such as oil theft and pipeline vandalism, have plagued Nigeria’s oil sector for years. These problems have driven major oil companies out of the country and often forced the shutdown of crucial export terminals. However, the recent production increase is attributed to stronger security measures implemented by the Nigerian authorities to combat pipeline theft and sabotage.
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