The 1.7% decline marks a continued fluctuation in the nation’s oil output, adding further pressure on the country’s economic recovery efforts.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed these figures in its latest October 2024 Crude Oil and Condensate Production report.
The month-on-month reduction raises concerns about Nigeria’s ability to meet both domestic energy needs and international export targets, particularly as global oil prices remain volatile.
Nigeria, which heavily relies on crude oil exports to generate foreign exchange and revenue, has faced persistent challenges that affect its production levels.
These include infrastructure decay, pipeline vandalism, oil theft, and the complex security situation in the oil-rich Niger Delta.
Already, there are fears that the production dip could strain Nigeria’s budgetary forecasts, especially as the country grapples with inflationary pressures, debt burdens, and efforts to stabilize its currency.
Industry experts have also expressed concerns about the ripple effects of this drop on energy supply, government spending, and macroeconomic stability.