Nigeria has the position of most increased crude oil production member of the Organisation of Petroleum Exporting Countries (OPEC) for November 2024 using direct communication.
According to OPEC’s Monthly Oil Market Report for November published yesterday, using direct communication, Nigeria’s crude oil production increased by 152,000 barrels per day from 1.333million barrels per day (mbpd) in October to 1.486mbpd in November.
United Arab Emirate’s (UAE) production increased by 8,000 bpd from 2.914mbpd in October 2.922mbpdin November; Saudi Arabia’s output declined from 8.972mbpd in October to 8.926mbpd, a decrease of 47,000b/d while Venezuela’s production also decreased from 989b/d in October to 960b/d in November.
Total OPEC production increased by 104,000b/d from 26.554mbpd in October to 26.657mbpd in November, while that of Total Non-OPEC Doc rose by 219,000b/d from 13,788mbpd in October to 14.008mbpd in November. Total Doc increased by 323,000b/d from 40.160mbpd in October to 40.342mbpd in November.
But using secondary sources, Nigeria’s output increased from 1.403mbpd in October to 1.417mbpd in October while Libya’s output grew from 1.097 in October to 1.238mbpd in November, an increase of 141,000b/d. OPEC said:
“According to secondary sources, total OPEC-12 crude oil production averaged 26.66 mb/d in November 2024, which is 104 tb/d higher, m-o-m.
Crude oil output increased mainly in Libya, IR Iran and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased. “At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m.
Crude oil output increased mainly in Kazakhstan and Malaysia.” But the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated that Nigeria’s oil output hit 1.69 million bpd in November 2024.
According to data from NUPRC’s National Liquid Hydrocarbon Production reports, on average, crude oil production for the month was 1.48 million bpd; while blended and unblended condensate were 46,483 and 158,345 bpd respectively.
In addition, its December 2024 Oil Production Output Report, NUPRC stated that Nigeria’s oil output, including condensate increased on YoY basis, by 13.3 per cent to 1.7 million barrels per day, bpd, in November 2024, from 1.5 million bpd recorded in November of 2023.
