Crude Oil Production

Latest Value

41,912,000

as of 2024-08

Year-on-Year

+14.48%

vs same period prior year

Month-on-Month

+3.44%

vs prior period

CAGR

+4.66%

compound annual growth rate

Rolling 3-Period

40,236,333

avg · Barrels

Rolling 12-Period

39,973,417

avg · Barrels

Crude Oil Production — Time Series

24 records · Barrels

Compare

Data source: NUPRC monthly production reports · Committed to NEDB via Staff Upload Portal · Unit: Barrels

Statistical Analysis

What Is This?

The total volume of crude oil lifted from Nigerian upstream oil fields and offshore terminals each month, measured in barrels.

How to Read

Higher values mean more oil is being produced. Values are in barrels per month. Nigeria's OPEC quota is typically expressed in barrels per day — divide monthly figures by the number of days in the period to compare.

Why It Matters

Crude oil production is the single largest source of Nigeria's foreign exchange earnings and the primary driver of FAAC allocations to all tiers of government. A sustained decline directly reduces government revenue and the naira's reserve backing.

Current Signal

Production is 9.5% above the 5-year average, indicating strong upstream output.

Statistical Analysis

20 periods · mean 38,441,050 Barrels · volatility 8% · CAGR +4.7%

Year-on-Year Change

Each bar compares a period to the same period one year earlier, stripping out seasonal effects. Green is growth, red is decline.

Reading:Latest year-on-year change: +14.5% (2024-08). Output is higher than a year ago.

Month-on-Month Change

Short-term momentum: how each period compares to the one immediately before it. Useful for spotting turning points earlier than the annual view.

Reading:Most recent move: +3.4% versus the prior period (2024-08).

12-Period Rolling Average

The faint line is raw data; the bold line is a 12-period trailing average that smooths out noise so the underlying direction is visible.

Reading:Smoothing window set to 12 periods (monthly data). The averaged line filters short-term spikes to expose the trend.

All analyses computed at query time from committed NEDB records for Crude Oil Production. Percentages are in percentage points; ±2σ covers ~95% of normal variation.

Full Data Table — Crude Oil Production24 records

Showing 24 of 24 recordsUnit: Barrels

#	Period	Region	Value	Unit	Data Source	Notes
1	2023-01	NGA	38,998,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.258 mbpd avg x 31 days
2	2023-02	NGA	36,568,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.306 mbpd avg x 28 days
3	2023-03	NGA	39,308,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.268 mbpd avg x 31 days
4	2023-04	NGA	29,970,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 0.999 mbpd avg x 30 days
5	2023-05	NGA	36,704,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.184 mbpd avg x 31 days
6	2023-06	NGA	37,470,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.249 mbpd avg x 30 days
7	2023-07	NGA	33,511,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.081 mbpd avg x 31 days
8	2023-08	NGA	36,611,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.181 mbpd avg x 31 days
9	2023-09	NGA	40,410,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.347 mbpd avg x 30 days
10	2023-10	NGA	41,881,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.351 mbpd avg x 31 days
11	2023-11	NGA	37,380,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.246 mbpd avg x 30 days
12	2023-12	NGA	41,385,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.335 mbpd avg x 31 days
13	2024-01	NGA	44,237,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.427 mbpd avg x 31 days
14	2024-02	NGA	38,338,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.322 mbpd avg x 29 days
15	2024-03	NGA	38,161,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.231 mbpd avg x 31 days
16	2024-04	NGA	38,430,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.281 mbpd avg x 30 days
17	2024-05	NGA	38,750,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.250 mbpd avg x 31 days
18	2024-06	NGA	38,280,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.276 mbpd avg x 30 days
19	2024-07	NGA	40,517,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.307 mbpd avg x 31 days
20	2024-08	NGA	41,912,000	Barrels	NUPRC monthly production reports	Crude only (excl. condensate); 1.352 mbpd avg x 31 days
21	2024	Delta	99,900,000	Barrels	NUPRC (state production, Nov 2023–Sep 2024)	Cumulative 11-month volume
22	2024	Akwa Ibom	60,320,000	Barrels	NUPRC (state production, Nov 2023–Sep 2024)	Cumulative 11-month volume
23	2024	Bayelsa	53,280,000	Barrels	NUPRC (state production, Nov 2023–Sep 2024)	Cumulative 11-month volume
24	2024	Rivers	50,840,000	Barrels	NUPRC (state production, Nov 2023–Sep 2024)	Cumulative 11-month volume

About this Series

Total crude oil lifted from Nigerian fields and terminals, reported monthly by field operators to NUPRC. Covers all onshore, shallow-water, and deepwater production.

Source agency: NUPRC (Nigerian Upstream Petroleum Regulatory Commission)

Methodology Note

Data is collected from individual field production reports submitted by licensed operators under the Petroleum Industry Act 2021. Values represent gross liftings before deductions for PPT and other charges. Methodology aligns with the JODI oil questionnaire.