Nigeria’s 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 Organization of Petroleum Export Countries (OPEC).

Nigeria’s crude production surpasses OPEC quota This development shows Nigeria’s resurgence in crude production, which is critical for its economy and heavily dependent on oil revenues.

The global oil cartel previously set Nigeria’s production quota at 1.5 million barrels per day, which has now been fully met.

Bloomberg's tanker tracking data shows that Nigeria’s output increased by 40,000 barrels per day to reach 1.51mbpd, its highest production in four years.

Nigeria’s crude production hits 1.8mbpd

Heineken Lokpobiri, Nigeria’s 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 nation’s crude production.

He said he leveraged the President’s order to carry out critical reforms in the oil sector.

Nigeria closed 2024 with a significant improvement in oil production, exceeding OPEC’s quota after several challenges in 2023.

However, analysts say that despite the achievement, the country’s 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.