Nigeria’s crude oil production has experienced a decline, dropping to 1.544 million barrels per day (bpd) in September 2024, down from 1.570 million bpd in August 2024. This represents a 1.7% decrease month-on-month, as reported by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in its October 2024 Crude Oil and Condensate Production report.
The decrease in production levels raises concerns about Nigeria’s oil output stability and its implications for the nation’s economy, which heavily relies on oil revenues. The reasons behind this drop may include operational challenges, disruptions in production facilities, or regulatory changes impacting the sector.
Further details are expected as this story develops, including potential impacts on the oil market and the broader economy.