•FG fails to meet 2.06m bpd budget target

•Meets 1.5m bpd OPEC quota

By Udeme Akpan, Energy Editor

Nigeria’s oil output, including condensate, increased month-on-month, MoM, by 4 per cent to 1.737 million bpd in January 2025, from 1.667 million bpd recorded in the preceding month of December 2024.

But on year-on-year, YoY basis, the nation’s oil output, including condensate, increased by 5.7 per cent to 1.737 million bpd in January 2025, from 1.643 million bpd in January 2024, according to the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.

In its latest report – Crude Oil and Condensate Production – obtained by Vanguard, yesterday, NUPRC, stated: “Lowest and Peak Production in January were 1.66 million bpd and 1.79 million bpd respectively. The average crude oil production was 103% of OPEC quota (1.5 mbpd)

“The daily average production in January was 1.737 million bpd, comprising both Crude oil (1,538,697 bpd) and condensate (198,783 bpd).”

This indicates that Nigeria was able to meet the Organisation of Petroleum Exporting Countries (OPEC) target of 1.5 million, but unable to meet the budget 2025 benchmark of 2.06 million bpd, which was   based on $75 per barrel.

However, in its just-released February 2025 Monthly Oil Market Report (MOMR), obtained by Vanguard, the OPEC   disclosed that Nigeria’s oil output, excluding condensate, increased MoM, by 6.3 per cent to 1.539 million bpd in January 2025, from 1.485 million bpd recorded in the preceding month of December 2024

But on YoY basis, the nation’s oil output, excluding condensate, increased by 7.8 per cent to 1.539 million bpd in January 2025, from 1.427 million bpd in January 2024.