“Nigeria’s Oil Output Rises 30% to 1.6 Million bpd”

Summary: Nigeria’s crude oil production, including condensate, increased by 30% year-on-year to 1.6 million barrels per day (bpd) in October 2023. Despite the improvement, the output is still lower than the 2023 budget benchmark of 1.69 million bpd and the OPEC quota of 1.7 million bpd. The Minister of State Petroleum Resources expressed the government’s commitment to increasing production to 2 million bpd by December, but challenges such as limited investment and pipeline attacks in the Niger Delta region pose obstacles to achieving this target. Obsolete pipeline systems lacking modern monitoring technology are cited as contributing to attacks on crude oil pipelines in the region.