The National Bureau of Statistics has reported a reduction in Nigeria’s oil production by 160,000 barrels per day in the second quarter of 2024.
According to the Gross Domestic Product report for Q2 2024, Nigeria’s average daily production fell to 1.41 million barrels per day, down from 1.57 million barrels per day in the first quarter. However, this figure is an improvement compared to the 1.22 million barrels per day recorded during the same period in 2023.
The report highlights that Nigeria is struggling to meet its 1.5 million barrels per day quota set by the Organisation of the Petroleum Exporting Countries (OPEC).
In response to these challenges, Heineken Lokpobiri, the Minister of State for Petroleum Resources, has pledged to increase crude oil production to 2 million barrels per day by the end of 2024.
OPEC data indicates that Nigeria’s oil production reached 1.307 million barrels per day in July.