Nigeria’s crude oil production climbed to an average of 1.486 million barrels per day (bpd) in April, according to fresh data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), edging the country closer to its OPEC+ output target.
The figure marks a significant recovery from the 1.401 million bpd recorded in March, bringing Nigeria’s output to 99% of the 1.5 million bpd quota set by the Organization of the Petroleum Exporting Countries and its allies (OPEC+).
“The average crude oil production was 99 per cent of the OPEC quota (1.5 mbpd),” the NUPRC confirmed in its monthly performance report.
When condensates light hydrocarbons excluded from OPEC production limits are added, Nigeria’s total output rose to 1.683 million bpd in April. The daily average comprised 1,485,700 bpd of crude oil and 197,607 bpd of condensates.
Daily output during the month fluctuated between a low of 1.60 million bpd and a high of 1.73 million bpd, reflecting ongoing variability in operational conditions across production sites.
Year-to-Date Trends Show Volatility
Production levels have varied across the first four months of 2024. In January, Nigeria produced 1.539 million bpd, which dropped slightly to 1.465 million bpd in February. March saw a deeper dip to 1.401 million bpd before a rebound in April.
The improved performance in April suggests that efforts to stabilize output and address operational and security challenges in the upstream sector may be starting to yield results.
Ambitious Long-Term Targets
The country is still far from its medium-term production target of 2.7 million bpd (including condensates) by 2027, as announced by President Bola Tinubu’s Special Adviser on Energy, Olu Verheijen, in February. Achieving that target will require sustained investments, infrastructure upgrades, and resolution of long-standing issues such as oil theft and pipeline vandalism.
Meanwhile, global oil markets are seeing modest price gains, partly buoyed by optimism over renewed trade talks between China and the United States developments that could further support Nigeria’s revenue outlook if higher prices are sustained.
