Nigeria’s crude oil production experienced an increase in November 2024. According to the latest data from the Organization of the Petroleum Exporting Countries (OPEC), the country’s average daily oil production rose by 152,000 barrels, reaching 1.486 million barrels per day (mbpd), up from 1.333 mbpd in October. This marked an 11 percent increase compared to the previous month.

This rise in oil output was a welcome change for the country, but the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a slight decrease in production in December 2024. The country’s daily oil output dropped by 1.35 percent, going from 1.69 million barrels per day in November to 1.667 mbpd in December.

Despite the increase in November, Nigeria still struggled to meet its oil production targets for the year. The country’s 2024 budget was based on an oil production benchmark of 1.7 million barrels per day. However, Nigeria’s production fell short of this target throughout the year, highlighting the ongoing challenges the country faces in meeting its production quotas.