Oil production hits 1.35million barrels/day, highest in 2023

Nigeria’s crude oil production reached an unprecedented peak in September 2023, hitting 1.35 million barrels per day (bpd), marking the highest volume of crude oil output for the year.

According to the latest data from the Nigerian Upstream Petroleum Regulatory Commission, this achievement represents a 14% increase compared to the output in August 2023.

The figures from the commission reveal that, in September, Nigeria’s crude oil production (excluding condensates) amounted to precisely 1,346,562 bpd, indicating a substantial boost of 165,429 bpd when compared to the 1,181,133 bpd produced in August of the same year.

Further examination of data from the NUPRC demonstrates that, in the initial months of the year (January, February, and March), the country’s oil output stood at 1,266,659 bpd, 1,292,240 bpd, and 1,266,737 bpd, respectively. Subsequently, in April, May, June, and July, Nigeria recorded production figures of 1,004,392 bpd, 1,189,332 bpd, 1,260,928 bpd, and 1,089,089 bpd.

These statistics reveal that the highest oil production in September was the most substantial output achieved by the country throughout the year.

The Federal Government has been actively working to increase Nigeria’s oil production, as it still falls below the 1.8 million bpd quota allocated to the country by the Organization of Petroleum Exporting Countries (OPEC).

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