According to the OPEC MOMR for December 2024, the country’s production including condensates rose by 11 per cent, from 1.333 million barrels in October to 1.486 million in November 2024.
The analysis puts the daily increase to 152, 000b/d and about one million barrels increase between October and November last year.
This is as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in its latest oil production data, indicated that on a month-on-month basis, daily average oil output in December 2024, declined by 1.35 per cent from 1.690 million barrels per day recorded in November 2024, to 1.667mbpd.
Data from the Commission also indicated that daily peak oil production in December 2024 was 1.79mbpd while the lowest daily production was 1.57mbpd.
Cumulatively, oil output in December 2024, was 51.69 million barrels, a marginal increase of 1.9 per cent when compared to 50.71 million barrels produced in November 2024.
Further analysis of the data showed that the highest oil output in December 2024 was recorded at Forcados Terminal at 8.49 million barrels followed by Bonny Terminal, 7.78 million barrels and Qua Iboe, 4.15 million barrels.
