The monthly oil market report released by the the Organization of the Petroleum Exporting Countries (OPEC), states that Nigeria's daily average oil production increased by 152,000 barrels per day in November 2024.

The data indicated that Nigeria's production, including condensates, rose by 11 percent, from 1.333 million barrels in October to 1.486 million in November 2024.

The analysis puts the daily increase at 152,000 barrels per day and about one million barrels increase between October and November last year.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has however said in its latest oil production data, that on a month-on-month basis, daily average oil output in December 2024 declined by 1.35 percent from 1.690 million barrels per day recorded in November 2024 to 1.667 mbpd.

According to the data, without condensate, daily oil production was 1.484 million, showing that it did not meet up with its oil production quota of 1.5 mbpd allotted to it by OPEC.

The December 2024 average daily oil output also means that Nigeria failed to meet the 1.7 mbpd benchmark set for the 2024 budget all through the year.

NUPRC data on daily average production showed that oil production, including condensate, in January 2024 was 1.64 mbpd; February, 1.53 mbpd; March, 1.44 mbpd; April, 1.45 mbpd; May, 1.47 mbpd; June, 1.50 mbpd; July, 1.53 mbpd; August, 1.57 mbpd; September, 1.54 mbpd; October, 1.54 mbpd; November, 1.69 mbpd; and December, 1.67 mbpd.