Despite budgetary target of 1.78mbpd, Nigeria’s crude oil production falls to 1.4mbpd in November 2023

Despite a budgetary target of 1.78mbpd crude oil production, Nigeria’s crude oil output fell to 1.4 million barrels per day in November 2023, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has shown.

According to the recently released National Liquid Hydrocarbon Production Report Jan-To-Dec-Production-Revised, in the highlighted month, the country produced 1,466,185 barrels per day with the inclusion of condensate production.

Crude oil production was 1,250,299mbpd, blended condensate at 49,457bpd and unblended condensate at 166,429bpd totalling 1,466,185.

This figure is below the 1,572,315mbpd and 1,562,072mbpd production output recorded in September and October respectively.

READ ALSO:Declining crude oil earning depletes external reserves by $521m in five weeks

It would be recalled that President Bola Tinubu at the budget presentation ceremony based the budget on 1.78mbpd oil production.

“After a careful review of developments in the world oil market and domestic conditions, we have adopted a conservative oil price benchmark of $77.96 per barrel and daily oil production estimate of 1.78 million barrels per day” the President had said.

Also, during the last OPEC meeting, Nigeria made a case for the group to increase its crude oil production quota from the proposed 1.38 million barrels per day to 1.5 million barrels per day for the year 2024.

Recall that the OPEC crude oil production quota for the year 2023 was pegged at 1.78 million barrels per day but the country could not meet the said quota due to a range of problems mainly oil theft.

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