Nigeria’s crude oil and condensate production hit a high of three years and four months in January, rising to 1.737 million barrels per day during the period, and a major boost for the country’s projected N54.9 trillion revenues in the 2025 budget.
Although it fell short of the country’s forecast daily production of 2.06 million bpd for the year 2025, it was a major improvement on Nigeria’s total volume of oil pumped, which fell to as low as 1.1 million bpd in the last quarter of 2022.
The country’s new production data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that since April 2021, when the country produced 1.74 million bpd, the country has not achieved the current peak.