The Organization of the Petroleum Exporting Countries has announced that Nigeria’s average daily crude oil production edged up to 1.33 million barrels per day (bpd) in October 2024.
OPEC disclosed this in a recent report released on November 12.
This figure, confirmed through direct communication with Nigerian officials, marks a 0.68% increase from the 1.32 million bpd recorded in September.
This production growth solidifies Nigeria’s status as Africa’s largest oil producer, surpassing Algeria, which produced 909,000 bpd in October. The Democratic Republic of Congo ranks third on the continent with 265,000 bpd.
Notably, OPEC’s secondary sources suggested an even higher output for Nigeria, estimating production at 1.43 million bpd, a 2.88% rise from September’s figures. The total crude oil production for OPEC-12 increased to an average of 26.53 million bpd in October, primarily driven by gains from Libya, Nigeria, and Congo, even as production dipped in Iran, Iraq, and Kuwait.
In addition to these developments, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced plans to open bids for 31 oil and gas blocks, aiming to boost the country’s crude oil output and stimulate economic activity.
The executive commissioner of development and production at NUPRC Enorense Amadasu, highlighted that this initiative is part of a broader strategy to enhance Nigeria’s production capabilities.
