Nigeria is targeting the production of up to 1.5 million barrels of crude oil per day (bpd) in 2024, aligning with a production quota proposed for the country by the Organization of the Petroleum Exporting Countries (OPEC).
The quota shows a 120,000 bpd increase from initial OPEC targets of 1.38 million bpd for Nigeria in 2024, however falls short of the country’s planned 1.78 million bpd for the year.
OPEC’s proposed quota, aimed at ensuring a stable and balanced oil market, follows an independent assessment conducted by research firms IHS, Wood Mackenzie, and Rystad Energy to determine Nigeria’s – as well as other OPEC member states – achievable production levels while taking into account projected global market dynamics.
While the country witnessed a decline in output in 2022 and 2023, an increase in supply was seen in September and October 2023, primarily due to strengthened output in the country’s offshore basins.
