Nigeria’s oil output has risen year-on-year, YoY, by 13.3 per cent to 1.7 million barrels per day, bpd, including Condensate, in November 2024, from 1.5 million bpd recorded in the corresponding period of 2023.

But on month-on-month, MoM basis, the output rose by 10 per cent to 1.7 million barrels per day, bpd, including Condensate in November 2024, from 1.5 million bpd in October 2024.

According to the Nigerian Upstream Petroleum Regulatory Commission, NUPRC’s report, Nigeria Oil Production Output Report – released on Tuesday, the output is the highest ever to be produced by the nation in 2024.

The report indicated that Nigeria recorded 1.6 million bpd, including Condensate in January 2024, which dropped to 1.5 million bpd before hitting the current output.

Some experts stated that the leap in output constitutes a good omen for the Nigeria’s 2025 budget, which was based on 1.7 million bpd and $75 per barrel, respectively.

GIK/APA