In November 2023, Nigeria experienced a significant decline in crude oil production, dropping to 1.4 million barrels per day, according to data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as reported by Infostride News.
The detailed breakdown of the data indicates that the total production for the highlighted month, including condensate production, amounted to 1,466,185 barrels per day. However, when condensates are excluded, the breakdown is as follows:
– Crude oil: 1,250,299 barrels per day
– Blended condensate: 49,457 barrels per day
– Unblended condensate: 166,429 barrels per day
It’s noteworthy that in September and October, Nigeria achieved its highest average production figures for the year, exceeding 1.5 million barrels per day.
During the latest OPEC meeting, Nigeria advocated for an increase in the group’s crude oil production quota for the year 2024, pushing for an adjustment from the proposed 1.38 million barrels per day to 1.5 million barrels per day. This move was prompted by the challenges faced in meeting the 2023 quota of 1.78 million barrels per day, attributed to issues such as crude oil theft, insufficient upstream crude oil investments, and other associated challenges.
Despite falling short of the 2023 quota, Nigeria successfully secured a production quota of 1.5 million barrels per day during the November 2023 OPEC meeting. The 2024 budget appropriation bill also reflects a crude oil production quota of 1.78 million barrels per day.
Delving deeper into the NUPRC data for November 2023, oil production at three major terminals—Bonny, Forcados, and Escravos—registered lower figures compared to October 2023. Specifically:
– Bonny Terminal produced 3,573,540 barrels, marking a 21.7% decrease from the 4,563,571 barrels in October 2023.
– Forcados Terminal reported a crude oil production of 6,720,296 barrels in November, representing a 15.4% decrease from the 7,933,984 barrels in the previous month.
– Escravos Terminal recorded a production of 3,890,073 barrels in November, indicating an 8.1% decrease from the 4,234,584 barrels produced in October 2023.
Contrastingly, Brass and Qua Iboe terminals saw marginal increases in production during November 2023. The Brass Terminal reported a significant rise in crude oil production, reaching 778,085 barrels compared to the 588,640 barrels produced in October, reflecting a substantial increase of approximately 32.2%. Similarly, the Qua Iboe Terminal experienced a slight uptick in oil production, reaching 4,638,503 barrels in November compared to 4,620,153 barrels in the preceding month, indicating a modest increase of about 0.4%.
In summary, the decline in Nigeria’s crude oil production in November 2023, as highlighted by Infostride News, underscores the challenges faced by the country in meeting its production targets and navigating the complexities of the global oil market. The fluctuations in production figures at various terminals further emphasize the dynamic nature of Nigeria’s oil industry and the need for strategic interventions to address the underlying issues affecting production levels.
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