Nigeria maintained its compliance with the Organisation of the Petroleum Exporting Countries’ (OPEC) crude oil production quota in October, marking the sixth consecutive month the country has achieved its assigned target.
Figures released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) show that the country produced an average of 1.51 million barrels per day (bpd) of crude oil in October, excluding condensates. This represents 101 per cent of its OPEC quota of 1.5 million bpd.
The commission also reported an average daily output of 1.687 million bpd of crude oil and condensates combined during the month, with production reaching a high of 1.79 million bpd and dropping to a low of 1.60 million bpd.
In a statement, NUPRC’s Head of Media and Corporate Communications, Eniola Akinkuotu, said Nigeria had consistently achieved its OPEC production allocation since May.
Monthly crude oil production stood at 1.53 million bpd in May, increased to 1.55 million bpd in June, and declined to 1.51 million bpd in July. Output subsequently reached 1.50 million bpd in August before rising to 1.53 million bpd in September and settling at 1.51 million bpd in October.
Despite maintaining its quota compliance, the country’s crude oil and condensate production recorded a 1.7 per cent decline compared with the preceding month.
The NUPRC attributed the relatively stable output in recent months to improved operational conditions, better production uptime and more efficient crude oil evacuation.
Akinkuotu said the October performance reflected efforts by oil companies and other industry stakeholders to improve operational efficiency, protect production facilities and ensure more reliable output across the upstream sector.
A breakdown of production by terminal showed that Forcados recorded the highest daily average output of crude oil and condensates at 318,490 barrels, followed by Bonny with 311,020 barrels.
Qua Iboe ranked third with 173,970 barrels per day, while Escravos recorded 134,670 barrels. Bonga followed as the fifth-largest producing terminal, with an average daily output of 106,650 barrels.
Nigeria’s continued compliance with its OPEC allocation represents progress in its efforts to sustain crude oil production and strengthen revenue generation from the petroleum sector.
