Nigeria’s oil production has seen a significant rise, increasing by 13.3% year-on-year (YoY) to 1.7 million barrels per day (bpd), including condensate, for November 2024.
This is up from 1.5 million bpd in the same month of 2023.
The country also saw a month-on-month (MoM) increase of 10%, with November’s output surpassing the 1.5 million bpd recorded in October 2024, marking the highest level of oil production for the year.
According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in its latest oil production report, this surge reflects an optimistic outlook for the country’s economy.
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Experts view this growth as positive for Nigeria’s 2025 budget, which is based on an anticipated 1.7 million bpd output and an oil price forecast of $75 per barrel.
While oil prices showed a slight decline on global markets, with Brent crude falling by 0.11% to $72.06 per barrel, the output surge provides a buffer for the nation’s financial outlook.
