Nigeria’s crude oil production figures for 2024 have shown significant developments, particularly in the latter part of the year.
Production Quota Achievement: In December 2024, Nigeria’s crude oil production reached 1.5 million barrels per day (bpd), marking the first time it met its OPEC production quota since it was set at that level for the year. This achievement followed a long struggle due to issues like oil theft and infrastructure challenges.
Monthly Production Trends: Throughout 2024, Nigeria’s production fluctuated:
October: 1.43 million bpd
November: Increased to 1.48 million bpd
December: Stabilised at 1.5 million bpd, with a peak of 1.79 million bpd during the month.
January 2025 Update: In January 2025, Nigeria recorded an average production of 1.53 million bpd, slightly above its quota, although secondary sources reported a minor decline to 1.49 million bpd.
Future Targets: Looking ahead, Nigeria aims to increase its production target to 2.06 million bpd, inclusive of condensates, by mid-20252.
These figures highlight Nigeria’s ongoing efforts to stabilise and enhance its oil production capabilities within the framework of OPEC regulations.
