Nigeria’s crude oil income rose to about N50.88 trillion in 2024, based on new information obtained from the Nigerian Upstream Petroleum Regulatory Fee.
The info confirmed that Nigeria produced a complete of 408,680,457 barrels of crude oil in 2024.
With condensate included, whole oil manufacturing for 2024 was 566.79 million barrels, NUPRC information added.
In response to Statista Analysis Division, a worldwide statistical agency, in it’s January 9, 2025 report, the typical worth of crude in 2024 was $80.53 per barrel.
If the whole crude oil produced in Nigeria in 2024, which is 408,680,457 million barrels, is added to the typical worth of the product, this quantities to N50.88 trillion or $32.91 billion, on the charge of N1,546 to a greenback.
Recall that Nigeria had deliberate to supply 649.7 million barrels of oil by way of a median day by day output of 1.78 million barrels in its 2024 price range which might end in a $50.68 billion with oil costs at $78 and the trade charge at N750 to a greenback benchmark for 2024.
The info confirmed that the bottom common day by day crude manufacturing in Nigeria was 1.23 mbpd, whereas the best was in November, when it rose to 1.48 mbpd.
Nigeria ended the yr with crude manufacturing in December at 1.484 mbpd, excluding condensate, which stood at a median of 182,975 bpd.
“The common crude oil manufacturing was 98.97 p.c of the OPEC quota (1.5 mbpd),” NUPRC said in its newest crude manufacturing information.
