Nigeria has met and exceeded the oil production quota set by the Organisation of the Petroleum Exporting Countries (OPEC)......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this recently.
Nigeria targets 3 million barrels in 2025
In January 2025, the country focused on increasing oil production, raising average daily crude production to 1.538 million barrels, almost 39,000 more than the 1.5 million barrels per day set for it by the global oil cartel.
In the last three years, Africa’s largest oil producer has consistently failed to meet its OPEC quota, despite reportedly raising oil output from 1 million barrels in 2024,
Although the Federal Government said it raised production from 1mbpd, it could not meet the OPEC quota in 2024.
However, the Nigerian government began 2025 positively, increasing production from 1.4 million barrels daily to 1.5 in the first month of the year.
Nigeria achieves the highest production in January
Punch reports that the NUPRC said oil production, including condensate, increased to 1.74 million barrels in January, from 1.6 in December 2024, but still fell below the two million barrels target.
According to the NUPRC, the country recorded the lowest production of 1.66 million barrels per day and the highest of 1.79mbpd in the period under review.
Nigeria has battled crude oil theft and pipeline vandalism for several years, stopping it from meeting its assigned OPEC quota.
Oil minister sets new goals
However, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, expressed optimism that the country could hit the targeted three million barrels this year, insisting it would increase production by adhering to the new US slogan.
The Minister noted that the three million barrels target would include condensates, saying that Nigeria would raise production without having challenges with OPEC.
The chief executive of NUPRC, Gbenga Komolafe said that the agency is proactive and determined regarding oil production.
Experts say the new milestone keeps the country as the largest oil producer in Africa.
Nigeria’s oil production drops to 30,000bpd
Legit.ng earlier reported that the Organisation of OPEC has revealed that Nigeria’s crude oil production fell by 30,000 barrels per day (bpd) in January 2025 to 1.495 million bpd. OPEC disclosed this in its monthly report released on its website.
The report, based on secondary sources, showed that production declined by 1.97% to 1.525 million barrels per day (bpd) in December 2024.
This marks a setback for Africa’s largest oil producer, which had only recently met its OPEC quota in December for the first time in four years and is aiming to reach 2.7 million bpd by 2027.