Nigeria’s oil manufacturing, together with condensate, elevated by 9.9 % to 1.69 million barrels per day in November 2024, in comparison with 1.538 million barrels per day recorded in October 2024, the federal authorities introduced.
Based on the newest knowledge from the Nigerian Petroleum Regulatory Fee, an company of the federal authorities, liquid crude oil manufacturing rose by 11.42 %, reaching 1.48 million barrels per day in November in comparison with 1.33 million barrels per day in October.
Nevertheless, this determine stays decrease than the manufacturing quota allotted to Nigeria by the Group of Petroleum Exporting Nations.
Conversely, condensate oil manufacturing – which is exempt from OPEC quotas – fell barely by 0.01 % in November, falling to 204,828 barrels per day from 204,806 barrels per day in October.
Regardless of these enhancements, oil manufacturing stays under the 2024 funds benchmark of 1.78 million barrels per day. This discrepancy persists regardless of claims by the Nigerian Nationwide Petroleum Company Restricted that oil manufacturing has risen to 1.8 million barrels per day.
The info highlights the persevering with challenges in attaining nationwide manufacturing targets whereas emphasizing current efforts to spice up manufacturing within the upstream sector.
Commenting on Nigeria’s share, Minister of State for Petroleum Sources (Oil), Heineken Lokbubiri, mentioned OPEC’s choice to increase Nigeria’s share of oil manufacturing to 1.5 million barrels per day is in keeping with the nation’s manufacturing goal.
Lukebubiri mentioned the quota enhances Nigeria’s 2025 oil manufacturing benchmark of two.06 million barrels per day.
“For Nigeria, these selections are in line with our 2025 manufacturing goal of two.06 million barrels per day, together with condensates, as set out within the 2025 Appropriations Invoice,” he mentioned.
On November 26, the Port Harcourt refinery, with a capability of 60,000 barrels per day, formally started processing crude oil.
In the meantime, the Group of the Petroleum Exporting Nations says Nigeria has retained its place as Africa’s largest oil producer.
In its newest month-to-month report on Wednesday, OPEC mentioned Nigeria’s oil manufacturing rose in November to 1.48 million barrels per day from 1.33 million barrels per day within the earlier month.
The oil alliance mentioned the manufacturing determine was the biggest in Africa in October, at the same time as Nigeria continued to carry first place on the continent the next month.
In November, OPEC mentioned that Nigeria surpassed Algeria, which produced 908,000 barrels per day, adopted by Congo, whose manufacturing reached 268,000 barrels per day.
OPEC mentioned that its knowledge was based mostly on direct communication, noting that its secondary sources reported that Nigeria’s crude manufacturing rose to 1.417 million barrels per day in November, up from 1.4 million barrels per day in October.
“Based on secondary sources, the typical crude oil manufacturing of the 12 OPEC nations was 26.66 million barrels per day in November 2024, which is 104 million barrels per day larger, month-to-month,” OPEC mentioned.
“Crude oil manufacturing elevated primarily in Libya, Iran and Nigeria, whereas manufacturing decreased in Iraq, Venezuela and Kuwait.
“On the identical time, complete non-OPEC crude oil manufacturing reached 14.01 million barrels per day in November 2024, 219 thousand barrels per day larger. Crude oil manufacturing elevated primarily in Kazakhstan and Malaysia.
The Nigerian Upstream Regulatory Fee mentioned on Wednesday that Nigeria’s crude oil manufacturing rose to 1.69 million barrels per day in November from 1.53 million barrels per day in October.
(Tags for translation)Heineken Lokpopiri
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Enterprise, Enterprise & Financial system , Nigerian Petroleum Regulatory Authority,Oil manufacturing
