Nigeria’s oil production slumps in Q2 2024 – NBS

Nigeria’s daily oil production was reduced by 160,000 barrels per day in the second quarter of 2024.

This is according to the National Bureau of Statistics recently released Gross Domestic Product Q2 2024 report.

In Q2 2024, NBS stated that the country recorded an average daily production of 1.41 million barrels per day.

The figure is lower than the first quarter’s production volume of 1.57mbpd.

Meanwhile, the 1.41mbpd is higher than the daily average production of 1.22 Mbps recorded in the corresponding quarter of 2023 by 190,000 barrels.

The oil production report showed that Nigeria has not been able to meet the 1.5mbpd quota allocated to it by the Organisation of the Petroleum Exporting Countries.

This comes as the federal government vowed to boost crude oil daily production to 2mbpd before the end of 2024.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, recently pledged to ramp up oil production to 2mbpd.

Recall that in July, Nigeria’s oil production stood at 1.307 million barrels per day, according to OPEC.