Nigeria’s oil production hits 1.737m bpd

Nigeria’s oil production, including condensate, rose by 4 percent Month-on-Month, MoM, to 1.737 million barrels per day, bpd, in January 2025, up from 1.667 million bpd recorded in December 2024.

On a year-on-year, YoY, basis, output saw a 5.7 percent increase, reaching 1.737 million bpd in January 2025, compared to 1.643 million bpd in the same period of 2024, according to the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.

In its latest report on Crude Oil and Condensate Production, the NUPRC stated, “Lowest and peak production in January was 1.66 million bopd and 1.79 million bopd, respectively. The average crude oil production was 103 percent of OPEC quota (1.5 mbpd).

“The daily average production in January was 1,737,480 barrels per day, comprising both crude oil (1,538,697 bopd) and condensate (198,783 bopd).”

This development confirms that Nigeria successfully met the Organisation of Petroleum Exporting Countries, OPEC, production quota of 1.5 million barrels per day (bpd) but fell short of the 2.06 million bpd target set based on a projected oil price of $75 per barrel.

However, according to OPEC’s recently released February 2025 Monthly Oil Market Report, MOMR, Nigeria’s crude oil production, excluding condensate, grew by 6.3 percent MoM to 1.539 million bpd in January 2025, up from 1.485 million bpd in December 2024.

On a Year-on-Year, YoY, basis, the country’s crude oil output, excluding condensate, rose by 7.8 percent from 1.427 million bpd in January 2024 to 1.539 million bpd in January 2025, according to OPEC. The organization stated that these figures were based on data obtained through direct communication. It also reaffirmed that Nigeria remains Africa’s top crude oil producer, while Equatorial Guinea ranks lowest with an output of 62,000 bpd.

The report further confirmed that Nigeria met OPEC’s quota of 1.5 million bpd.

Meanwhile, efforts are ongoing to achieve the 2.06 million bpd production target outlined in the N49.7 trillion 2025 budget.

Recently, the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, highlighted the Commission’s progress since its establishment in 2021. He noted that Nigeria’s rig count has doubled from 16 in 2021 to 32 under the Commission’s oversight, reflecting sustained efforts to enhance upstream activities and boost the nation’s crude oil production capacity.

He emphasized that this ambitious production target is part of a broader strategy to strengthen Nigeria’s competitiveness and sustainability in the global oil and gas market.

Meanwhile, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, stated “With the presidential directive to ramp up oil production to a sustainable level, the journey of transformation in our oil sector began. This visionary directive by President Bola Ahmed Tinubu, as broad as it was, became the cornerstone of my commitment and that of my team.