Nigeria’s Oil Output Drops to 1.4 Million BPD

 Nigeria’s Oil Output Drops to 1.4 Million BPD

Nigeria’s output of “blended and unblended and condensate” and crude oil dropped to 1.47 million barrels per day in November, marking the country’s second consecutive month of production declines since October.

After peaking at 1.57 million bpd in September—the highest output level of the year—production fell to 1.56 million bpd in October. However, the nation was unable to sustain the momentum.

This is in line with the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) findings of a recent report. The upstream regulatory agency provided data showing that in November 2023, output fell from 1.56 million bpd in October to 1.46 million bpd, a 6 percent decrease.

1,250,299 barrels of crude oil were produced during that time. The condensate values for blended and unblended samples were 49,457 and 166,429, respectively.

Oil production at three terminals—Bonny, Forcados, and Escravos—was lower in November 2023 than in October 2023. Bonny Terminal produced 3,573,540 barrels, a decrease of roughly 21.7 percent from the 4,563,571 barrels produced in October 2023.

Forcados Terminal produced 6,720,296 barrels of crude oil in November, a 15.4 percent decrease from the previous month’s output of 7,933,984 barrels.

Escravos Terminal produced 3,890,073 barrels during the same month, a decrease of nearly 8.1 percent from the 4,234,584 barrels produced in October 2023.

Similarly, oil output at the Qua Iboe Terminal grew in November, reaching 4,638,503 barrels, up from 4,620,153 barrels the previous month. This is a 0.4 percent increase.

In contrast, production at the Brass and Qua Iboe Terminals has increased somewhat for November 2023.

Meanwhile, Nigeria advocated at the most recent OPEC meeting that the organization should increase its crude oil output limit for 2024 from 1.38 million bpd to 1.5 million bpd.

Nigeria’s OPEC crude oil production quota for 2023 was set at 1.78 million bpd, however the country was unable to meet that quota due to a variety of challenges, including crude oil theft, a lack of upstream crude oil investments, and other related concerns.

During the most recent OPEC meeting, however, the country was able to acquire a quota of 1.5 million barrels per day.

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