In the realm of global oil production, Nigeria stands at a critical juncture, striving to align its output with OPEC quotas while charting a course toward robust economic growth.

According to data released by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), the country’s oil outputs for January February, and March were 1,266,659 bpd; 1,292,240 bpd; and 1,266,737 bpd respectively. Nigeria’s crude oil output however rose to an all-time high of 1.35 million barrels per day in September 2023, as the country pumped its highest volume of crude oil so far since this year.

The latest figures obtained from the Nigerian Upstream Petroleum Regulatory Commission, on Wednesday, showed that the country’s output in September was about 14 percent higher than what it pumped in the preceding month of August 2023. Data from the commission indicated that in September, Nigeria’s crude oil production (excluding condensates) was precisely 1,346,562 barrels per day, which was a 165,429bpd increase when compared to the 1,181,133bpd produced in August this year.

But while the current production allocation given to Nigeria by the international producers’ group is 1.74 million barrels per day, the information from the petroleum industry regulator showed that Nigeria was only able to drill 1.34 million bpd in September. Meanwhile, 1.5 million barrels per day was reported for October 2023.

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https://www.primebusiness.africa/nigerias-oil-production-prospects-meeting-opec-quota-economic-growth/