Nigeria’s crude oil production in October rises by 35,000 barrels- OPEC

Nigeria, the largest producer of crude oil in Africa, has recorded an average of 35,000 barrels increase in crude output in October, rising to 1.434 million barrels per day (bpd).

The Organization of Petroleum Exporting Countries (OPEC)’s latest oil market report revealed that Nigeria’s crude oil production rose from 1.399 million bpd in September, according to secondary data from Nigerian authorities.

Direct communication showed that Nigeria’s average crude oil production for October was 1.333 million bpd, an increase of 9,000 barrels compared to 1.324 million bpd in the previous month.

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On Monday, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated that the country’s crude oil production, including condensates, rose by 16.56 percent in October 2024, reaching 1.8 million barrels per day (bpd), up from 1.54 million bpd in September.

This achievement was shared by Gbenga Komolafe, Commission Chief Executive of the NUPRC, at the 42nd Annual International Conference & Exhibition of the Nigerian Association of Petroleum Explorationists in Lagos.

Komolafe noted that this boost allows Nigeria to surpass the OPEC quota of 1.5 million bpd.

Represented by Enorense Amadasu, NUPRC’s Executive Commissioner for Development and Production, Komolafe revealed that plans are in place to further increase production to two million bpd by December 2024.