Recent data from Statista provides a clear picture of the trajectory of Nigeria’s crude oil production over a 23-year period.
At its peak, Nigeria recorded peak crude oil production of 2.5 million barrels per day (mbpd), but as of August 2023, this figure remained at 1.1 million barrels per day (mbpd).
Digging into history, the numbers reveal a more detailed picture. In 2000, Nigeria's crude oil production averaged 2.15 million barrels per day, which increased to 2.26 million barrels per day in 2001.
There were fluctuations in subsequent years, peaking at 2.08 mbp/d in 2002, 2.23 mbp/d in 2003, and 2.52 mbp/d in 2005.
However, the peak was short-lived. From 2006 to 2016, a gradual decline began, with production decreasing to 1.89 million barrels per day in 2016.
Although there was a slight recovery in 2017 and 2018 (1.96 million barrels per day and 2 million barrels per day, respectively), the trend has sharply declined.
In 2022, Nigeria's crude oil production will plummet to 1.45 million barrels per day, and to make matters worse, in August 2022, at the height of oil theft, Nigeria's crude oil production was 972,000 barrels per day. Ta.
For 2023, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) data ranges from 1 mbpd in April 2023 to a peak of 1.26 mbpd in March 2023, taking into account oil production excluding condensate. It is reflected.
This ongoing trend highlights the critical need to address the factors contributing to this decline and strategize towards a more sustainable and robust oil production environment in Nigeria's future.
