Nigeria's crude oil output reached a record high of 1.35 million barrels per day in September 2023, marking the highest volume pumped so far this year. According to the Nigerian Upstream Petroleum Regulatory Commission, the country's output in September was approximately 14% higher than the preceding month of August 2023. Data from the commission revealed that Nigeria produced 1,346,562 barrels per day of crude oil (excluding condensates) in September, a significant increase of 165,429 barrels per day compared to the 1,181,133 barrels per day produced in August.

Further analysis of the figures obtained from the NUPRC showed that Nigeria's oil outputs in January, February, and March were 1,266,659 barrels per day, 1,292,240 barrels per day, and 1,266,737 barrels per day, respectively. In the months of April, May, June, and July, Nigeria produced 1,004,392 barrels per day, 1,189,332 barrels per day, 1,260,928 barrels per day, and 1,089,089 barrels per day, respectively. These production figures indicate that Nigeria's oil production in September was the highest recorded output by the country this year.

The Federal Government has been making efforts to increase Nigeria's oil production, which currently falls below the approved quota of about 1.8 million barrels per day set by the Organization of Petroleum Exporting Countries (OPEC). In a separate development, the NUPRC expressed optimism that the sale of Exxon Mobil's assets to Seplat Energy could proceed. The regulator's Chief Executive, Gbenga Komolafe, stated during Africa Oil Week in Cape Town that they believe the parties involved in the transaction will review the regulator's position and comply with Nigerian laws to ensure the right actions are taken. This deal is seen as crucial for attracting much-needed investment into Nigeria's oil and gas sector.

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