Nigeria, Africa’s leading oil producer, has crossed the 1.5 million barrels per day (bpd) threshold in crude oil production, surpassing its December 2024 quota set by the Organisation of Petroleum Exporting Countries (OPEC).

According to tanker tracking data compiled by Bloomberg, Nigeria’s output rose by 40,000 bpd to reach 1.51 million bpd, marking its highest production level in four years.

The country, which had faced challenges maintaining production, capping at 1.3 million bpd in 2023, closed the year with a significant improvement, exceeding OPEC’s quota.

Despite this achievement, Nigeria’s production still fell short of the 2024 budget projection by 500,000 barrels. This gap has compelled the nation to intensify efforts to diversify its revenue base, relying more on taxes and customs duties to bridge the deficit.

In August 2023, OPEC retained Nigeria’s production quota at 1.5 million bpd as part of its global oil price stabilisation strategy.

Further progress was reported in October when the Nigerian National Petroleum Company (NNPC) Limited disclosed achieving 1.8 million bpd. This milestone was attributed to enhanced security measures aimed at reducing oil theft and curbing pipeline vandalism.

However, the NNPC did not specify whether the 1.8 million bpd figure referred solely to crude oil or included blended and unblended condensates, which are excluded from international sales.

While Nigeria experienced a production boost in December, the overall output of OPEC members saw a notable decline, primarily due to strategic cuts by the United Arab Emirates (UAE) aimed at stabilising global oil prices, as per Bloomberg data.

The UAE scaled back its oil exports to an 18-month low, with state-owned oil company ADNOC reducing crude oil cargo allocations for select Asian customers in January and February.

Iran’s oil production fell by 40,000 barrels per day (bpd) to 3.32 million bpd in December. Despite this drop, the country’s output remains near its highest level in six years, even as potential challenges loom from the incoming U.S. administration.

Libya, however, demonstrated a strong recovery from recent political turmoil, increasing its production by 40,000 bpd to 1.23 million bpd. This marks the country’s highest production level in over a decade.

Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil), on Monday highlighted key achievements in the oil sector under President Bola Tinubu’s administration.

He emphasised that crude oil production has risen significantly from one million barrels per day (bpd) to 1.8 million bpd, including condensates.

Taking to his official X (formerly Twitter) account, Lokpobiri explained that upon assuming office, President Tinubu issued a directive to boost Nigeria’s crude oil production. The minister noted that this mandate served as the foundation for the ministry’s subsequent accomplishments.

Lokpobiri further stated that within the first 18 months of Tinubu’s administration, the government succeeded in attracting foreign investments and fostering peace in oil-producing communities across the Niger Delta.

Source: https://businessday.ng/energy/article/nigeria-surpasses-1-5mbpd-crude-output-first-time-in-4-years/

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Good news

We move

Another lie.

If this government is actually working, it will reflect on the economy.

Good news these days
Hopefully more positive news in the years ahead

OK


we want the benefits to be reflecting in the lives of the citizens




Princess Faith Chukwu

This is supposed to be good news to everybody, unfortunately, it won't reflect on the standard of living of Nigerians, the money goes into the pockets of a few while the majority keep suffering

There is a reason why Tinubu is seen as an achiever, he knows how to focus on what is important.

He does not play to the gallery or goes galavanting all over the place just to shoot photographs,

Theft has been Reduced, not business as usual for NNPC and you would say baba no dey work

Nigeria by God's grace is on the path of recovery.

hopedey:
Another lie

na who dey lie, government abi Bloomberg, you say brain no follow you enter new year

Ok

AntiChristian:


"It's always a lie"!

OBJ reached 20 million bpd!

Yar'adua reached 25 million bpd!

GEJ reached 30 million bpd!

BAT is just doing meagre 1.5 million bpd and you are praising him ehn!

Let him do more!

For a druglord, I beg he is doing well.

H

Ok this is the production capacity NNPCL and oil companies make us to believe while at the Christmas tree we should be producing about 6 million barrel per day.Nigeria oh my country.

hopedey:
Another lie

Vuvuzela2:
Another one! LAMBA

You will see the good of the land but your mouth will not taste it.

Enemies of Nigeria, mostly from the yeast will wail and cry at this news, pity them 🤣😆😂.

Gradually we are getting there.

I know losers will still ask for pictures of the barrells. Uunfoortunattely we have left you all behind.

Congratulations abi?

While the masses are suffering..

Another one! LAMBA

Good good

hopedey:
Another lie.

If this government is actually working, it will reflect on the economy.

something just crossed the milestone about 3 weeks ago and you just expect to see the effects on the economy immediately?

hopedey:
Another lie.

If this government is actually working, it will reflect on the economy.

What's the correct figure?

Jorussia:
something just crossed the milestone about 3 weeks ago and you just expect to see the effects on the economy immediately?

They should allow it to reflect before making noise about it .

To all the dullards who can’t read and understand due to hate, it states that “Nigeria surpassed 1.5meter bpd for the first time in 4 years” so in “history”. Wether you hate Jagaban or love him, u can’t deny Nigeria is taking a step in the right direction. “We must first destroy before we build”

With the benefit of hindsight, Tinubu was right to have said ‘Subsidy is gone’ on the first day in office. These northern elder guys would have foot dragged till now if he was negotiating and waiting for the best time to remove it.
Nigeria needs aggressiveness towards economic development!

[quote author=oz4real83 post=133627922]This is supposed to be good news to everybody, unfortunately, it won't reflect on the standard of living of Nigerians, the money goes into the pockets of a few while the majority keep suffering [/quoteIt] it will reflect.Once they can add another 200k barrels per day in this ist quarter of the year,its going to reflect in our fx rate which is the most important thing for the country now.

Enemies of Nigeria done like this kind of news.