Nigeriaâs oil production has exceeded 1.5 million barrels per day for the first time since 2021.
The figure surpasses its December 2024 quota set by the Organisation of Petroleum Export Countries (OPEC).
This development shows Nigeriaâs resurgence in crude production, which is critical for its economy and heavily dependent on oil revenues.
The global oil cartel previously set Nigeriaâs production quota at 1.5 million barrels per day, which has now been fully met.
Bloomberg’s tanker tracking data shows that Nigeriaâs output increased by 40,000 barrels per day to reach 1.51mbpd, its highest production in four years.
Heineken Lokpobiri, Nigeriaâs Minister of State for Petroleum Resources, stressed the oil industry’s essential achievements under President Bola Tinubu.
Lokpobiri said that crude oil production has increased significantly from one million barrels daily in 2023 to 1.8 million.
The minister reiterated his achievements on X, explaining that Tinubu issued a directive to enhance the nationâs crude production.
He said he leveraged the Presidentâs order to carry out critical reforms in the oil sector.
Nigeria closed 2024 with a significant improvement in oil production, exceeding OPECâs quota after several challenges in 2023.
However, analysts say that despite the achievement, the countryâs oil production did not meet the 2024 budget projection, with a shortfall of 500,000 barrels.
The gap led to the country intensifying efforts to diversify revenue, depending more on taxes and Customs levies to meet budget shortfalls.
According to reports, in August 2023, OPEC retained Nigeriaâs oil production quota at 1.5 million barrels per day.
The country reported further progress in October 2024, when the Nigerian National Petroleum Company Limited (NNPC) revealed that it achieved 1.8 million barrels per day.
The NNPC attributed the feat to enhanced security measures to curb oil theft and pipeline vandalism.
The state oil firm did not specify if the 1.8 million barrels per day were solely crude oil or included blended and unblended condensates.
As oil production surged in Nigeria in December 2024, other OPEC members recorded shortfalls due to the UAE’s strategic reductions to stabilise global oil prices.
UAE reduced its oil exports to an 18-month low, with the countryâs oil company cutting down oil cargo allocations for some Asian countries in January and February last year.
Bloomberg reported that Iranâs oil production dipped by 40,000 barrels per day to 3.32 million in December last year.
