A review of data from the Nigeria Upstream Regulatory Commission (NUPRC), has shown that Nigeria produced lowest crude oil per day for last three months in the month of October.
According to the data, in the month of October, the daily crude oil production stood at 1.533 million barrels per day (including blended condensate and unblended condensate).
The daily production in October is the lowest in three months.
The production in September stood at 1.54 million daily while that of August stood at 1.57 million daily.
This is despite the claims of the Nigerian government that the daily crude oil production had reached 1.8 million barrels daily, with claims that the country would soon hit 2 million barrels benchmark.
As of September, the country recorded 1.3 million crude oil production per day (1.5 million if blended condensate and unblended condensate are added).
The highest production was in January 2024, when 1.4 million barrels were recorded (1.6 million if blended condensate and unblended condensate) were added.
The data shows that the country was unable to meet its 1.78 million target for 2024, despite its new claim of producing 1.8 million barrels per day.
While the country may be banking on its devaluation of naira as part of strategy for increased revenue, the country is historically poor in terms of revenue in tandem with budgeted estimates.
Nigeria has been unable to meet its own target for crude oil production, blaming vandalism and poor pipelines for development.
