Nigeria’s oil production fell by 160,000 barrels per day in the second quarter of 2024, as reported by the National Bureau of Statistics (NBS) in its recently released Gross Domestic Product report for Q2 2024.
During this period, the country averaged daily production of 1.41 million barrels, a decrease from the 1.57 million barrels per day recorded in the first quarter. However, this figure represents an increase of 190,000 barrels compared to the average daily production of 1.22 million barrels in the same quarter of 2023.
The report indicates that Nigeria has struggled to meet its OPEC allocation of 1.5 million barrels per day. In response, the federal government has committed to increasing crude oil production to 2 million barrels per day by the end of 2024.
Heineken Lokpobiri, the Minister of State for Petroleum Resources, recently reaffirmed this goal. Notably, in July, Nigeria’s oil production was reported at 1.307 million barrels per day, according to OPEC.
