Nigeria achieves peak crude oil production in 2023 at 1.35 million barrels per day

In a remarkable development, Nigeria has achieved its highest crude oil production for 2023 in September, with output reaching 1.35 million barrels per day. This surge in oil production is attributed to ongoing efforts to combat oil theft in the Niger Delta region.

The latest data, sourced from the Nigerian Upstream Petroleum Regulatory Commission, reveals that the country’s crude oil output for September 2023 marked a 14% increase compared to the previous month, August 2023. Furthermore, when examining the data year-on-year, September 2023’s production exceeded the previous year by 412,000 barrels per day.

Specifically, the September 2023 data from the commission indicates that Nigeria’s crude oil production, excluding condensates, reached 1,346,562 barrels per day. This figure stands in contrast to the 1,181,133 barrels per day produced in August of the same year.

A more in-depth analysis of the numbers offered by the NUPRC shows that Nigeria’s crude oil production for the first quarter of 2023, from January to March, recorded figures of 1,266,659 barrels per day, 1,292,240 barrels per day, and 1,266,737 barrels per day, respectively. Subsequently, in the second quarter, spanning from April to July, Nigeria reported oil outputs of 1,004,392 barrels per day, 1,189,332 barrels per day, 1,260,928 barrels per day, and 1,089,089 barrels per day, respectively.

This data conclusively establishes that Nigeria’s oil production in September reached its peak for the year, indicating a significant surge in output.