For the first time in four years, Nigeria’s crude oil production has exceeded 1.5 million barrels per day (mbpd), surpassing its December 2024 target set by the Organisation of Petroleum Exporting Countries (OPEC). This achievement, excluding condensates, marks a significant recovery for Nigeria’s oil sector and is critical for the nation’s economy, which heavily relies on oil revenues.

According to tanker tracking data , Nigeria’s oil output rose by 40,000 barrels per day to reach 1.51 million bpd, the highest level in four years. This surge comes as the country undertakes ongoing reforms aimed at enhancing its production capacity.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, highlighted the milestone during an update on the sector’s progress under President Bola Tinubu’s administration. Lokpobiri explained that since the president’s directive to boost oil production, the country has successfully ramped up its output, increasing from 1 million bpd to 1.8 million bpd, including condensates.

In a post on his official X (formerly Twitter) account, Lokpobiri noted that the government’s strategy has resulted in attracting foreign investments and improving peace in the oil-producing regions of the Niger Delta.

Despite this progress, Nigeria’s production still falls short of the 2024 budget projection by 500,000 barrels per day. This shortfall has prompted the government to accelerate efforts to diversify its revenue streams, increasing reliance on taxes and customs duties to compensate for the gap.

The country’s oil output struggled in 2023, capping at 1.3 million bpd, but by December, it exceeded OPEC’s 1.5 million bpd quota, signaling a significant rebound. OPEC had previously maintained Nigeria’s quota at 1.5 million bpd as part of global efforts to stabilize oil prices.

Further gains were reported in October, when the Nigerian National Petroleum Company (NNPC) Limited announced achieving 1.8 million bpd. This growth was largely attributed to improved security measures to curb oil theft and pipeline vandalism. However, NNPC did not clarify whether the 1.8 million bpd figure included condensates, which are excluded from international sales.

Globally, while Nigeria has seen an uptick in production, other OPEC members, such as the UAE, saw declines in output due to strategic cuts designed to stabilize global oil prices. The UAE’s oil exports dropped to an 18-month low, with state-owned ADNOC reducing allocations to select Asian customers for January and February.

Meanwhile, Libya has seen a remarkable recovery in its oil output, increasing by 40,000 bpd to 1.23 million bpd, the country’s highest production level in over a decade. In contrast, Iran’s production dipped by 40,000 bpd to 3.32 million bpd in December, despite remaining close to its highest output in six years.