- Nigeria exceeded Organisation of the Petroleum Exporting Countries’ 1.5 million barrels per day oil production quota
- Oil production, including crude and condensate, increased to 1.74mbpd in January from 1.6mbpd in December 2024
- Nigeria targets three mbpd oil production in 2025
Nigeria has met and exceeded the Organisation of the Petroleum Exporting Countries (OPEC) oil production quota of 1.5 million barrels per day (mbpd).
According to a report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria achieved an average daily crude output of 1,538,697 barrels in January 2025.
The output figure is about 39,000 barrels above the 1.5mbpd set for Nigeria by OPEC, an increase from the 1.4 mbpd recorded in December 2024.
It will be recalled that Nigeria failed to meet the crude oil production quota approved by OPEC in 2022, 2023, and 2024.
However, OPEC, at its 38th OPEC and non-OPEC ministerial meeting, held on Thursday, December 5, extended Nigeria’s oil production quota of 1.5 mbpd to December 2026.
Crude and condensate production rose to 1.74mbpd
The NUPRC stated that oil production, including crude and condensate, increased to 1.74mbpd in January from the 1.6mbpd recorded in December 2024.
The figure is however below the two mbpd target of the NUPRC for the year but 103 per cent of OPEC quota.
According to the commission’s data, the lowest production in January was 1.66mbpd, while peak production was 1.79mbpd.
It stated, “The daily average production in January was 1,737,480 barrels per day, comprising of both crude oil (1,538,697bpd) and condensate (198.783bpd).
“The average crude oil production was 103 per cent of OPEC quota (1.5 mbpd).”
Nigeria surpassed Algeria’s oil production
According to OPEC’s monthly oil market report released on Wednesday, February 12, the current production figure of 1.53mbpd means Nigeria retained its position as the largest oil producer in Africa, surpassing Algeria, which produced 907,000 bpd in January.
OPEC added that Congo is the third-largest oil producer in Africa having produced 251,000 barrels of oil per day in the period under review.
It added that according to secondary sources, Nigeria’s crude production declined by two per cent to 1.49mbpd in January, from 1.52mbpd reported in December.
“According to secondary sources, total OPEC-12 crude oil production, total DoC crude oil production averaged 40.62 mb/d in January 2025, which is 118 tb/d lower, m-o-m.
“Crude oil output increased mainly in Libya, Congo, and Gabon, while production in Nigeria, UAE, and Venezuela decreased significantly.
“Also, total non-OPEC DoC crude oil production averaged 13.94 mb/d in January 2025, 3 tb/d higher, m-o-m.
“Crude oil output increased mainly in Kazakhstan, while production in Russia decreased,” OPEC stated.
Nigeria targets 3mbpd in 2025
Nigeria’s oil production faced challenges such as crude oil theft, and pipeline vandalism, among other factors for years, hampering efforts to meet various OPEC oil production quotas.
However, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, recently stated that Nigeria could achieve a 3mbpd production output in 2025, including crude and condensate.
He said the target follows the ‘Drill, baby drill’ slogan of the United States President, Donald Trump.
Lokpobiri said, “When we came, we barely did a million barrels. Today, we are doing 1.8mbpd and we can do more. And those who are responsible for this are more local.
“And that’s why I’m saying that look, we need to come together and continue on this trajectory. Let’s finish the journey that we have made together. From a million barrels, we have achieved an 80 per cent addition.
“I want to see how we can do 2.5 to three million barrels this year. And we can do it. I was talking to someone and the person told me that the bulk of what we produce is condensate. But because we are putting the condensate and the crude in the same container, oil is now branded crude oil. If we properly dedicate some reservoirs in our terminals for condensate and dedicate all that to crude oil, we will do three million barrels.
“So, we are not having any problem with OPEC. We will be able to meet our local domestic oil supply obligations and the companies can also meet their own foreign obligations.”
Nigeria still Africa’s largest oil producer, as OPEC reports 1.5 million bpd output in November
Meanwhile, TheRadar earlier reported that Nigeria retained its spot as Africa’s largest oil producer, according to the Organisation of the Petroleum Exporting Countries (OPEC).
OPEC, in its latest Monthly Oil Market Report for November 2024, released on Wednesday, December 11, said Nigeria’s oil output increased in November to 1.48 million barrels per day (bpd), excluding condensate, from 1.33 million bpd recorded in October 2024.
