Data from the Nigeria Upstream Regulatory Commission (NUPRC) reveals that Nigeria’s crude oil production in October was the lowest in three months. Daily production, including blended and unblended condensate, stood at 1.533 million barrels per day, marking a slight decline from 1.54 million barrels recorded in September and 1.57 million barrels in August.
This decline comes despite government assurances that daily production had reached 1.8 million barrels and would soon achieve the 2 million barrels benchmark. By September, crude oil production was 1.3 million barrels per day, rising to 1.5 million when blended and unblended condensates were included. The highest output this year was in January, with 1.4 million barrels of crude oil produced daily, or 1.6 million when condensates were factored in.
The figures indicate that Nigeria has struggled to meet its 2024 target of 1.78 million barrels per day, let alone the claimed 1.8 million. The country continues to face challenges, citing pipeline vandalism and infrastructure issues as key obstacles to achieving production goals.
While the government hopes that naira devaluation will bolster revenue, Nigeria’s historical inability to align revenues with budgetary estimates remains a persistent problem. These production shortfalls further compound the country’s fiscal challenges and undermine its capacity to capitalize on oil revenues effectively.
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