This is according to information launched on Wednesday by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in a declaration signed by Eniola Akinkuotu, its Head of Media and Corporate Communications.
The commission’s figures likewise reveal that everyday production peaked at 1.79 million barrels each day (bpd), while the most affordable output throughout the month was 1.60 million bpd.
In petroleum terms, leaving out condensates, Nigeria balanced 1.51 million bpd in October, comparable to about 101% of its 1.5 million bpd production quota set by the Organisation of the Petroleum Exporting Countries (OPEC).
Nigeria sustains six-month OPEC quota streak
The October figures mark the 6th successive month Nigeria has actually fulfilled its OPEC petroleum production quota, following typical output of 1.53 million bpd in May, 1.55 million bpd in June, 1.51 million bpd in July, 1.50 million bpd in August and 1.53 million bpd in September.
- Nigeria had actually likewise satisfied its OPEC quota for the 5th successive month in September, when petroleum production increased to 1.53 million bpd from 1.50 million bpd in August.
- Regardless of keeping its quota compliance, petroleum production decreased by 1.7% month-on-month in October. OPEC had yet to launch its month-to-month oil market report for October since the time of filing this report.
The NUPRC associated the current production efficiency to enhanced functional stability, greater production uptime and more effective unrefined evacuation.
Forcados leads October oil production
A breakdown of typical everyday petroleum and condensate production by terminals and streams reveals that Forcados tape-recorded the greatest output in October, followed carefully by Bonny.
- Forcados Terminal taped approximately 318.49 thousand barrels daily.
- Bonny Terminal represented 311.02 thousand barrels each day.
- Qua Iboe tape-recorded 173.97 thousand barrels daily.
- Escravos published approximately 134.67 thousand barrels each day.
- Bonga taped 106.65 thousand barrels each day.
The commission stated the figures show the efforts of operators and market stakeholders to enhance functional performance, preserve property stability and enhance production dependability throughout Nigeria’s upstream petroleum sector.
Nigeria’s oil production outlook
The Dangote Group has actually forecasted that Nigeria’s petroleum production might increase to 1.72 million bpd in the 4th quarter of 2026, with typical output anticipated to reach 1.62 million bpd for the complete year.
The forecast indicate the possibility of greater production before completion of the year, although it stays a projection instead of a reported production figure.
OPEC has actually reduced its outlook for international oil need development in 2026, cutting its projection by more than 70%, from 1.4 million bpd to 400,000 bpd.
The modified projection shows weaker-than-expected need development throughout the year.
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