Again, Nigeria ramped up its crude oil production in October to 1.35 million barrels per day in its determination to meet the Organisation of Petroleum Exporting Countries (OPEC) quota.

Although Nigeria has in the past few months seen some production increase, it remained well below its required OPEC’s production level.

As contained in OPEC’s Monthly Oil Market Report (MOMR) for November 2023, from secondary sources, the 13 OPEC members’ production averaged 27.90 mb/d in October 2023.

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It said crude oil output increased mainly in Angola, Iran and Nigeria, while production inLibya, Saudi Arabia, and Kuwait decreased.

According to secondary sources, Nigeria was said to have produced 1,416 MB/d, while direct communication puts the figure at 1,351 MB/d.

Meanwhile, the just-released monthly oil production report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed that the country produced a total of 42 million barrels of crude oil in October 2023.

This implies about a 1.5 million increase from the 40.4 million recorded in September.

The Minister of Petroleum (Oil), Heineken Lokpobiri, had recently expressed the government’s commitment to increasing its daily production to over 2 million barrels per day.

According to him, issues of theft and pipeline vandalism were major factors hindering it from attaining increased production.

However, he said the government was working towards addressing these problems.

 

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