Nigeria’s oil production above OPEC quota — NNPC Ltd
The Nigerian National Petroleum Company (NNPC) Limited and the Nigerian Upstream Petroleum Regulatory Authority (NUPRC) have clarified that the country’s crude oil production has exceeded the 1.5 million barrels per day (mbpd) quota set by the Organisation of the Petroleum Exporting Countries (OPEC).
This disclosure was made by NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, in a statement issued on Monday. Soneye sought to address confusion regarding the apparent difference in production figures between the NNPC and the NUPRC, emphasising that there is no discrepancy between the two organisations’ reports.
Reports had circulated suggesting a gap between the 1.54 million barrels per day (mbpd) production for September reported by the NUPRC and the 1.8 mbpd figure for November cited by the NNPC.
According to Soneye, the discrepancy arose from differences in the reporting periods. He explained that while the NNPC’s figure of 1.8 mbpd represents the peak production for October 2024, the NUPRC’s figure of 1.54 mbpd is an average for September 2024.
This clarification was further confirmed by NUPRC CEO Gbenga Komolafe, who, during the 42nd Nigerian Association of Petroleum Explorationists Annual International Conference & Exhibition in Lagos, highlighted that Nigeria’s crude oil output, including condensates, had increased by 16.56% in October 2024, reaching 1.8 mbpd. This represented a significant month-on-month rise from 1.54 mbpd in September 2024.
Komolafe, represented by NUPRC’s Executive Commissioner for Development and Production, Mr. Enorense Amadasu, explained that this boost in production pushed Nigeria’s output beyond the 1.5 mbpd target set by OPEC. He emphasized that there was no inconsistency in the production data reported by both the NNPC and the NUPRC.
Soneye further confirmed that the NNPC is working closely with stakeholders to increase production to 2 mbpd or more by the end of 2024.
Data from the NUPRC indicated that Nigeria’s crude oil production for September 2024 averaged 1.324 mbpd, excluding condensate. Including condensate, production stood at 1.544 mbpd. In October, crude production averaged 1.33 mbpd, below the OPEC quota, while the combined crude and condensate production was 1.538 mbpd. This represents a slight decline from September’s total of 1.544 mbpd, which contrasts with claims of a significant increase to 1.8 mbpd in October.
