Nigeria Produced 566m Barrels of Crude Oil in 2024 – NUPRC Report

The NUPRC’s Crude Oil and Condensate Production Report reveals that from January to December 2024, the country produced a total of 566,794,493 barrels.

Abuja, Nigeria – Nigeria’s crude oil and condensate production for 2024 totaled 566.8 million barrels, according to the latest data from the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).

The NUPRC’s Crude Oil and Condensate Production Report reveals that from January to December 2024, the country produced a total of 566,794,493 barrels.

Monthly Production Breakdown

The report shows that December 2024 recorded the highest production, with a total

output of 51,694,357 barrels, comprising:

• 46,022,147 barrels of crude oil
• 1,527,549 barrels of blended condensate
• 4,144,661 barrels of unblended condensate

December’s output slightly surpassed November’s production of 50,714,537 barrels.

November’s breakdown included:

• 44,569,683 barrels of crude oil
• 4,750,362 barrels of unblended condensate
• 1,394,492 barrels of blended condensate

The lowest monthly production in 2024 occurred in April, with a total of 43,423,051 barrels.

Daily Average Production

Nigeria recorded its highest daily average production in November, reaching 1.69 million barrels per day (mbpd). December followed closely with an average of 1.67 mbpd.

In December, the lowest daily output was 1.57 mbpd, while the peak production hit 1.79 mbpd. The breakdown of December’s daily average production was:

Crude oil: 1,484,585 barrels per day (bpd)

Condensate: 182,975 bpd

Below is the monthly average production including condensate:

• January: 1.64 mbpd
• February: 1.53 mbpd
• March: 1.44 mbpd
• April: 1.45 mbpd
• May: 1.47 mbpd
• June: 1.50 mbpd
• July: 1.53 mbpd
• August: 1.57 mbpd
• September: 1.54 mbpd
• October: 1.54 mbpd
• November: 1.69 mbpd
• December: 1.67 mbpd

The report highlighted an increase in production in the second half of 2024, with the country surpassing its Organization of Petroleum Exporting Countries (OPEC) quota. However, when condensates are excluded, crude oil production averaged 1.4 mbpd, falling slightly short of OPEC’s 1.5 mbpd benchmark. On average, Nigeria’s crude oil production for 2024 met 98.97% of its OPEC quota.

Top-Performing Terminals

The Forcados terminal recorded the highest oil output in 2024, with a total of 91.3 million barrels. It was followed by:

• Bonny terminal: 69.3 million barrels
• Escravos terminal: 49.5 million barrels

Key Insights

Despite increasing production in the latter half of the year, Nigeria failed to meet the 1.7 mbpd target set in the 2024 budget.

President Bola Tinubu and the Minister of State for Petroleum, Senator Heineken Lokpobiri, have promised to increase Nigeria’s crude oil output by over 1 million barrels per day by the end of 2025.