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Olugbemi. Adeyinka Ogunleye
4 months ago
Overview
NUPRC: Nigeria Achieved over 99% OPEC Oil Quota, Hit 1.485m bpd in November
Nigeria’s crude oil production recorded an improvement in November, with the country just less than 1 per cent away from meeting its Organisation of Petroleum Exporting Countries (OPEC) output of 1.5 million barrels per day. Latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which aligned with information gleaned from OPEC’s Monthly Oil Market Report (MOMR) yesterday, indicated that last month Nigeria produced 1.485 million bpd. It was, on the average, Nigeria’s highest volume of crude oil, excluding condensates drilled so far this year. In January this year, which hitherto had the highest crude oil production, Nigeria’s oil output was 1.42 million bpd.
In February, Nigeria recorded 1.32 million bpd; 1.23 million bpd in March; 1.28 million bpd in April; 1.25 million bpd in May and 1.27 million bpd in June. Besides, in July, the country’s OPEC oil production was 1.3 million bpd; in August, it was 1.35 million bpd; 1.32 million bpd in September; 1.33 million bpd in October and then 1.48 million bpd in November. Since about Q2 of 2020, Nigeria has not met its OPEC oil quota, a challenge it blamed on massive oil theft in the Niger Delta, waning investment in the sector, outright sabotage as well as deteriorating infrastructure.
