Nigeria’s Crude Oil Production Reaches 1.35 Million Barrels Per Day, Still Below OPEC Quota

In 2023, Nigeria achieved its highest crude oil production level this year, reaching 1.35 million barrels per day (mbpd). This represents a 14% increase compared to the previous month and reflects the country’s ongoing efforts to enhance its oil production.
The Nigerian Upstream Petroleum Regulatory Commission provided detailed data, indicating a substantial rise in production from previous months, highlighting the significance of this achievement. Nigeria’s oil production in the preceding months varied, but September’s output stands out as the highest recorded in 2023. The Federal Government is actively pursuing strategies to elevate oil production to align with the OPEC-approved quota of 1.8 million barrels per day. Additionally, the regulatory commission is optimistic about the potential progress of Exxon Mobil’s asset sale to Seplat Energy, provided all parties adhere to Nigerian laws and regulations. These developments signify a positive trajectory for Nigeria’s oil sector and its contributions to the country’s economy and global energy market.