NNPC Says Nigeria’s Crude Oil Production Surpassed OPEC Quota
- The NNPC and NUPRA have disclosed that Nigeria’s crude output for September has surpassed the assigned OPEC quota
- The NNPC spokesman, Olufemi Soneye, stated that the country’s crude oil product reached its peak amid conflicting figures for the month
- He debunked reports of disparity in the statistics by the agencies, saying the alleged disparity comes from reports during the NUPRC report
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian National Petroleum Company Limited (NNPC) and the Nigeria Upstream Petroleum Regulatory Authority (NUPRA) say Nigeria’s crude oil production exceeded the 1.5 million barrels per day OPEC quota.
NNPC chief corporate communications officer Olufemi Soneye revealed this in a statement on Monday, November 25, 2024.
Source: Facebook
NNPC rejects disparity in crude oil figures
The NNPC spokesman disclosed this to clarify that there was no disparity between the crude oil production figures released by the NNPC and those of NUPRA.
The state oil firm disclosed that the situation comes amid reports that the 1.54 million barrels per day for September released by the NUPRC conflicted with the NNPC's 1.8 million barrels per day figure.
Soneye said the disparity was due to the difference in the period of the report.
“The seeming disparity is due to the difference in the coverage period in the reports. Whereas the NNPC Ltd’s figure was the peak production for October 2024, the NUPRC’s figure was the average production for September 2024,” Soneye said.
According to Soneye, the fact was confirmed by the chief executive officer of NUPRA, Gbenga Komolafe, at a recent event. He said Nigeria’s oil output, including condensate, rose by 16.56% to 1.8 million barrels per day in October 2024, from 1.54mbpd in September 2024.
Nigeria surpasses OPEC quota for September
Punch reports that Soneye maintained that the NNPC is working closely with relevant stakeholders to raise the nation’s crude oil production to two million barrels per day by the end of the year.
Data shows that September's average daily crude oil production was about 1.34 million barrels per day, excluding condensate.
In October, crude production hit 1.33 million barrels per day, below the OPEC quota, while crude and condensate stood at 1.53 million per day.
FG projects two million barrels by December
The data showed that total oil production dropped from 1.544 million barrels per day in September to 1.538 million barrels per day in October 2024.
This figure contradicted claims that crude oil production increased by 253,719 barrels per day to 1.8 million in October from 1.54 million barrels per day in September 2024.
Crude oil is a significant revenue earner for Nigeria and the primary source of foreign exchange.
OPEC has yet to confirm Nigeria's crude oil production, which will be released in its September report.
As NNPC reports an increase in oil production
Legit.ng earlier reported that the NNPCL had announced an increase in Nigeria's oil production.
According to Mele Kyari, the NNPCL's chief executive officer, Nigeria produced 1.7 million daily barrels.
This represented a significant increase compared to the 1.28 million barrels per day reported in April.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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