Nigeria's oil production, including condensates, recorded a significant increase of 9.9% in November 2024, rising to 1.69 million barrels per day (mbpd) from October's 1.538 mbpd.
This is according to the latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The surge was driven by an 11.42% rise in liquid crude oil production, which climbed to 1.48 mbpd in November, up from 1.33 mbpd the previous month.
Despite this progress, the figure remains below the production quota allocated to Nigeria by the Organisation of Petroleum Exporting Countries (OPEC).
Conversely, condensate oil production excluded from OPEC quotas saw a marginal decline of 0.01%, dropping from 204,806 barrels per day in October to 204,828 barrels per day in November.
While the production uptick signals improvements in Nigeria's upstream oil sector, the numbers still fall short of the government’s ambitious 2024 budget benchmark of 1.78 mbpd.
This shortfall persists despite the Nigerian National Petroleum Company Limited’s (NNPC) claims of achieving a production level of 1.8 mbpd.
Industry analysts have attributed the gap to a combination of factors, including infrastructure challenges, regulatory hurdles, and persistent security concerns in oil-producing regions.
However, the recent increase reflects ongoing efforts by the NNPC and private operators to address these issues and boost output.
The NUPRC’s report underscores the importance of meeting production targets for Nigeria's economic stability, especially given the critical role of oil revenues in funding the national budget.
Efforts to scale up production will likely continue as the government strives to bridge the gap between actual output and fiscal expectations.
As global oil dynamics evolve and Nigeria pushes for higher production efficiency, the coming months will determine whether these incremental gains can translate into sustained improvements, aligning with both national and OPEC benchmarks.