Nigeria’s crude oil production reached an all-time high of 1.35 million barrels per day in September 2023, marking the country’s highest output for the year. This surge in production, as reported by the Nigerian Upstream Petroleum Regulatory Commission, reflects a 14% increase compared to the preceding month of August 2023. The Federal Government has been actively working to bolster the country’s oil production, aiming to meet the approved quota set by the Organisation of Petroleum Exporting Countries (OPEC).
Key Points:
- Nigeria’s crude oil output in September 2023 peaked at 1.35 million barrels per day, representing a significant surge from the 1,181,133 barrels per day produced in August of the same year.
- The figures indicate a continuous upward trend in crude oil production throughout the year, with Nigeria consistently increasing its output.
- The Federal Government’s concerted efforts are aimed at meeting and even surpassing the 1.8 million barrels per day quota approved by OPEC for Nigeria.
- The Nigerian Upstream Petroleum Regulatory Commission is optimistic about the potential progress of Exxon Mobil’s asset sale to Seplat Energy, a deal deemed vital for attracting essential investments into Nigeria’s oil and gas sector.
Analysis: Nigeria’s achievement of the highest crude oil output in 2023 is a significant milestone for the country’s oil industry. The substantial increase in production reflects the effectiveness of the Federal Government’s initiatives to bolster the sector. The surge in output not only contributes to the country’s economic growth but also aligns with its efforts to meet OPEC quotas. This positive trajectory in oil production bodes well for Nigeria’s energy sector and overall economic stability.
