Nigeria experienced a decline in crude oil production, reaching 1.4 million barrels per day, as reported by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The data disclosed a total production of 1,466,185 barrels per day, including condensate production. Breaking it down without condensates:
- Crude oil: 1,250,299
- Blended condensate: 49,457
- Unblended condensate: 166,429
Notably, September and October recorded the country’s peak average production figures for the year, exceeding 1.5 million barrels per day.
During the recent OPEC meeting, Nigeria advocated for an increase in its crude oil production quota from the proposed 1.38 million barrels per day to 1.5 million barrels per day for 2024. The initial OPEC production quota for 2023 was set at 1.78 million barrels per day, which Nigeria failed to meet due to challenges like crude oil theft and a lack of upstream investments.
However, Nigeria successfully secured a 1.5 million barrels per day quota during the November 2023 OPEC meeting, aligning with the 2024 budget appropriation bill’s target of 1.78 million barrels per day.
Further insights from NUPRC data reveal variations in oil production at key terminals—Bonny, Forcados, and Escravos—in November 2023:
- Bonny Terminal produced 3,573,540 barrels, down by approximately 21.7% from October 2023.
- Forcados Terminal witnessed a 15.4% decline, producing 6,720,296 barrels.
- Escravos Terminal reported an 8.1% decrease, producing 3,890,073 barrels.
Contrastingly, Brass and Qua Iboe terminals experienced positive shifts in production:
- Brass Terminal showed a substantial increase of about 32.2%, reaching 778,085 barrels.
- Qua Iboe Terminal recorded a slight 0.4% rise, producing 4,638,503 barrels.
In summary, Nigeria faces a dip in crude oil production, but strategic measures, including quota adjustments and terminal-specific improvements, aim to stabilize and enhance future output.
