Nigeria’s crude oil production has fallen to 1.4 million barrels per day in November 2023, indicating a -0.85 growth in Q2/Q3. This report is based on data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The data reveals that the country produced 1,466,185 barrels per day, including condensate production. However, without the addition of condensates, the data breakdown is as follows: Crude oil – 1,250,299, Blended condensate – 49,457, Unblended condensate – 166,429,
More importantly, in September and October, the country had its highest average production figures for the year at over 1.5 million barrels per day. Meanwhile, 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 per day for 2024.
Recall that the OPEC crude oil production quota in 2023 was estimated at 1.78 million barrels per day. Still, the country could not meet said quota due to various problems: crude oil theft, a lack of upstream crude oil investments, and other associated challenges.
However, Nigeria secured a quota of 1.5 million barrels per day during the last OPEC meeting in November 2023. It is also important to note that in the 2024 budget appropriation bill, a crude oil production quota of 1.78 million barrels per day in 2024.
In November 2023, the amounts of oil produced at three terminals—Bonny, Forcados, and Escravos—were lower compared to October 2023. Bonny Terminal produced 3,573,540 barrels, a decrease of approximately 21.7% from the 4,563,571 barrels in October 2023.
Forcados Terminal’s crude oil production was 6,720,296 barrels in November, marking a decrease of around 15.4% from the 7,933,984 barrels it produced in the previous month. Escravos Terminal produced 3,890,073 barrels in November, showing a decrease of roughly 8.1% from the 4,234,584 barrels produced in October 2023.
However, Brass and Qua Iboe terminals saw slight increases in their production for the highlighted month. In November 2023, the Brass Terminal saw increased crude oil production, rising to 778,085 barrels compared to the 588,640 barrels produced in October. This represents a significant increase of approximately 32.2%.
Similarly, the Qua Iboe Terminal experienced a rise in oil production, reaching 4,638,503 barrels in November compared to the 4,620,153 barrels produced in the preceding month. This indicates a slight increase of about 0.4%.
On the other hand, there were slight increases in production at Brass and Qua Iboe Terminals for November 2023.
