Business
Nigeria’s oil production increases to 1.7m bpd
Nigeria’s oil production has increased year-on-year by 13.3 per cent to 1.7 million barrels per day.
This includes Condensate, in November 2024, from 1.5 million bpd recorded in the corresponding period of 2023.
But on month-on-month, MoM basis, the nation’s output rose by 10 per cent to 1.7 million barrels per day, including Condensate in November 2024, from 1.5 million bpd in October 2024.
According to the Nigerian Upstream Petroleum Regulatory Commission, NUPRC’s report – Nigeria Oil Production Output Report – released on Tuesday, the output is the highest ever to be produced by the nation in 2024.
The report indicated that the nation recorded 1.6 million bpd, including Condensate in January 2024, which dropped to 1.5 million bpd before hitting the current output.
Experts said the leap in output constitutes a good omen for the nation’s 2025 budget, which was based on 1.7 million bpd and $75 per barrel, respectively.
In a related development, oil prices dropped on Tuesday as concerns eased about the fallout from Syrian President Bashar al-Assad’s overthrow.
The price of Brent crude, the global oil benchmark, fell by 0.11 percent to $72.06 per barrel while US West Texas Intermediate crude price dropped 0.20 percent at $68.23 at 09.50 WAT.
While Syria itself is not a major oil producer, it is strategically located and has strong ties with Russia and Iran, and a regime change could raise regional instability, according to Reuters report.
