In November 2023, Nigeria experienced a significant decline in crude oil output, resulting in a loss of approximately N289.6 billion in oil revenue. According to data from the Nigerian Upstream Petroleum Regulatory Commission, the country produced 41,867,775 million barrels of crude (excluding condensates) in October. However, this figure dropped to 37,508,971 barrels in November, marking a decrease of 4,358,804 million barrels compared to the previous month.
The average price of Brent crude, the global benchmark, was $82.94 per barrel in November 2023. With the loss of 4,358,804 million barrels of crude in November, Nigeria’s oil revenue was estimated to be around $361.52 million. Considering the average exchange rate of N801/$ in November, the country’s oil revenue plummeted by about N289.6 billion.
Despite the decline in oil output, the Federal Government remains optimistic about meeting and surpassing the 2024 crude oil budget benchmark of 1.7 million barrels per day. Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), reaffirmed the commitment to achieving the production target, emphasizing the government’s dedication to sustaining engagement with stakeholders.
Lokpobiri also asserted Nigeria’s unwavering commitment to the Organisation of the Petroleum Exporting Countries (OPEC), despite the recent exit of Angola from the global oil cartel due to a dispute over crude oil production quotas. The minister emphasized the importance of collaboration within OPEC for fostering stability and sustainability in the oil market. He expressed readiness to contribute constructively to ongoing dialogues, addressing challenges and opportunities within the region and recognizing the collective responsibility to nurture a resilient energy landscape.