According to information gleaned from the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Nigeria produced 566.8 million barrels of crude oil and condensate in 2024.
Nigeria produced 566,794,493 barrels of crude oil and condensate between January and December 2024, according to calculations made using data from the NUPRC’s Crude Oil and Condensate Production Report, 2024.
The report states that Nigeria produced 51,694,357 in crude oil and condensate in December 2024, its greatest oil production to date.
46,022,147 barrels of crude oil, 1,527,549 barrels of blended condensate, and 4,144,661 barrels of unblended condensate are included in the breakdown.
At 50,714,537 barrels, December’s production is somewhat higher than November’s. Crude oil (44,569,683 barrels), unblended condensate (4,750,362 barrels), and blended condensate (1,394,492 barrels) make up the breakdown.
April was the lowest output in the nation, with 43,423,051 barrels of crude oil and condensate produced overall.
Nigeria produced an average oil 1.69 million barrels per day in November, which was its highest daily average production to date. December, with an average of 1.69 million barrels per day, comes next.
The highest production in December was 1.79 million b/d, while the lowest production in a single day was 1.57 million.
The study stated that the average daily production in December was 1,667,560 barrels, which included both crude oil (1,484,585 bpd) and condensate (182,975 bpd).
The following is the average production per day, including condensate:
January: 1.64 mbpd
1.53 mbpd in February
March: 1.44 mbpd
1.45 mbpd in April
1.47 mbpd in May
June: 1.50 mbpd
1.53 mbpd in July
1.57 mbpd in August
1.54 mbpd in September
October: 1.54 mbpd
November: 1.69 mbpd
December: 1.67 mbpd
The nation’s output surpassed its OPEC allotment in the latter half of the year. However, its average daily production of crude oil was 1.4 million barrels per day when condensates were not included.
Additionally, the annual average production plus condensate fell just short of the OPEC quota. According to the NUPRC report, “the average crude oil production was 98.97% of OPEC quota (1.5 mbpd).”
Oil terminals’ and streams’ performance
The NUPRC report lists BONNY as one of the top-performing terminals or streams.
The Forcados Terminal produced 91.3 million barrels of oil between January and December, the most of any terminal. The Bonny terminal, which produced 69.3 million barrels in total, and the Escravos terminal, which produced 49.5 million barrels, come next.
Things you should be aware of
Nigeria did not fulfill the 1.7 mbpd objective established for the 2024 budget, according to the NUPRC data.
By the end of 2025, President Bola Tinubu and Senator Heineken Lokpobiri, the Minister of State for Petroleum, have committed to increasing Nigeria’s crude oil production by more than one million barrels per day.
In the budget for 2025, the federal government set a goal of 2.06 million barrels per day.
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