Nigeria’s daily crude oil production experienced a slight increase in October 2024, reaching 1.33 million barrels per day (bpd), according to the latest monthly report by the Organisation of Petroleum Exporting Countries (OPEC). This figure, based on direct communication with Nigerian officials, reflects a 0.68 percent increase from the 1.32 million bpd recorded in September.
OPEC, which sources production data through direct communication with member countries and secondary sources such as energy intelligence platforms, noted a discrepancy in Nigeria’s production figures. According to secondary sources, Nigeria’s production actually saw a larger increase of 2.88 percent, reaching 1.43 million bpd in October, up from 1.39 million bpd in September.
This modest production increase has allowed Nigeria to maintain its position as Africa’s largest oil producer, ahead of Algeria, which produced 909,000 bpd, and Congo, which recorded 265,000 bpd in October. Nigeria’s rise in output also contributed to a broader increase in total OPEC crude production, which reached an average of 26.53 million bpd in October, driven by higher output from Libya, Nigeria, and Congo.
In a related development, Enorense Amadasu, Executive Commissioner of Development and Production at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced plans to open bids for 31 onshore and offshore oil blocks. The new bids are part of Nigeria’s strategy to boost crude oil production and strengthen its economy.
This increase in oil output highlights Nigeria’s ongoing efforts to stabilize and expand its production capacity amid challenges in the global energy market. With new oil block bids on the horizon, Nigeria is positioning itself to secure further growth and maintain its influence within OPEC and the international oil sector.