Nigeria’s 2024 Crude Oil Production Reaches 566 Million Barrels, NUPRC Data Reveals

Nigeria’s crude oil and condensate production in 2024 totaled 566.8 million barrels, according to data from the Nigeria Upstream Petroleum Regulatory Commission (NUPRC). Nairametrics calculations, based on the NUPRC’s Crude Oil and Condensate Production Report for 2024, confirm a total output of 566,794,493 barrels.

Key Highlights:

• Peak Production: December 2024 saw the highest production volume with 51,694,357 barrels (46,022,147 barrels of crude oil, 1,527,549 barrels of blended condensate, and 4,144,661 barrels of unblended condensate).
• Lowest Production: April recorded the lowest output with 43,423,051 barrels.
• Daily Average: November and December shared the highest daily average production of 1.69 million barrels per day (mbpd). December’s daily average comprised 1,484,585 bpd of crude oil and 182,975 bpd of condensate, totaling 1,667,560 bpd.¹
• Monthly Daily Averages (including condensate):
  • January – 1.64 mbpd²
  • February – 1.53 mbpd³
  • March – 1.44 mbpd
  • April – 1.45 mbpd
  • May – 1.47 mbpd
  • June – 1.50 mbpd⁴
  • July – 1.53 mbpd
  • August – 1.57 mbpd⁵
  • September – 1.54 mbpd
  • October – 1.54 mbpd
  • November – 1.69 mbpd
  • December – 1.67 mbpd
• Terminal Performance: Forcados Terminal led in total output with 91.3 million barrels, followed by Bonny (69.3 million barrels) and Escravos (49.5 million barrels). Other top-performing terminals included BONNY BRASS, QUA IBOE, ODUDU, and TULJA – OKWUIBOME.
• OPEC Quota: While output increased in the latter half of the year, exceeding the OPEC quota when including condensates, crude oil production alone averaged 1.4 million bpd, falling slightly short. The average production including condensate was also slightly shy of the OPEC quota of 1.5 mbpd, achieving 98.97%.

Key Takeaways:

Despite a strong finish to the year, Nigeria did not meet the 1.7 mbpd benchmark set for the 2024 budget. This highlights the ongoing challenges in the country’s oil sector. However, President Bola Tinubu and the Minister of State for Petroleum have committed to increasing crude oil output by over 1 million barrels per day by the end of 2025. The federal government has further set an ambitious target of 2.06 million barrels per day in the 2025 budget, indicating a strong push to boost production in the coming year.