Nigeria’s crude oil production fell to 1.4 million barrels per day in November 2023. This is according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The data reveals that in the highlighted month, the country produced 1,466,185 barrels per day with the inclusion of condensate production.
Meanwhile in September and October, the country had its highest average production figures for the year at over 1.5 million barrels per day.
Meanwhile, during the last OPEC meeting, Nigeria made a case for the group to increase its crude oil production quota from the proposed 1.38 million barrels per day to 1.5 million barrels per day for the year 2024.
Recall that the OPEC crude oil production quota for the year 2023 was set at 1.78 million barrels per day but the country could not meet said quota due to a range of problems; crude oil theft, a lack of upstream crude oil investments and other associated challenges.
However, Nigeria was able to secure a quota of 1.5 million barrels per day during the last OPEC meeting in November 2023. It is also important to note that in the 2024 budget appropriation bill, a crude oil production quota of 1.78 million barrels per day in 2024.
