Nigeria Exceeds OPEC Quota Of 1.5mbpd Production Output In December

*Nigeria Surpasses 1.5mbpd Crude Output, Exceeds OPEC Quota*

Nigeria, Africa’s leading oil producer, has surpassed the 1.5 million barrels per day (bpd) threshold in crude oil production for the first time in four years.

This achievement exceeds the country’s December 2024 quota set by the Organisation of Petroleum Exporting Countries (OPEC).

According to tanker tracking data compiled by Bloomberg, Nigeria’s output rose by 40,000 bpd to reach 1.51 million bpd.

This marks the country’s highest production level since 2020.

The significant improvement in production according to the Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri can be attributed to enhanced security measures aimed at reducing oil theft and curbing pipeline vandalism.

However, despite this milestone, Nigeria’s production still fell short of the 2024 budget projection by 500,000 barrels.

The country aims to diversify its revenue base by relying more on taxes and customs duties to bridge the deficit.