Nigeria's Oil Production Drops in October

Nigeria’s crude oil output dropped slightly in October to an average of 1.69 million barrels per day (bpd). This is down from 1.72 million bpd recorded in September. This information comes from the latest data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The report also showed that the highest single-day production reached 1.79 million bpd. In contrast, the lowest production for the month was 1.6 million bpd.

“In strict crude oil terms (excluding condensate), Nigeria produced an average of 1.51 million barrels per day in October. This constitutes 101 percent of the 1.5 million bpd set by OPEC,” the NUPRC stated.

The commission highlighted that Nigeria has met its Organisation of the Petroleum Exporting Countries (OPEC) crude oil production quota for six months straight.

In May, Nigeria produced 1.53 million bpd. In June, it was 1.55 million bpd. Then in July, production was 1.51 million bpd. In August, it dropped to 1.5 million bpd. In September, production went back up to 1.53 million bpd, and in October, it was 1.51 million bpd.

“On a month-by-month basis, however, production dipped by 1.7 percent,” the commission said.

The NUPRC said the stable production in recent months is due to better operational stability, higher production uptime, and more efficient crude oil evacuation.

The production numbers for October show the ongoing commitment of operators and other industry players to improve efficiency, maintain asset integrity, and boost production reliability in Nigeria’s oil sector.

A breakdown of daily average crude oil and condensate production by terminal shows that Forcados Terminal led production in October with 318.49 thousand barrels per day (kbpd).

Bonny Terminal came in second with 311.02 kbpd, followed by Qua Iboe Terminal, which reported an average production of 173.97 kbpd.

Escravos Oil Terminal had a daily average of 134.67 kbpd, while Bonga ranked fifth with an average production of 106.65 kbpd of crude oil and condensate.