The Nigerian Upstream Regulatory Commission (NUPRC) has issued a new directive that oil producers in the country must sell crude to domestic refineries before attending to...
Nigeria’s oil exports are facing a significant hurdle as a decline in European demand creates a buyer’s market. This development comes at a time the nation...
Nigeria’s daily crude oil production maintains steady decline in 2024 as it dropped to 1.23 million barrels per day in March 2024 costing the country its...
African Import Export Bank (AFREXIM Bank) is set to release the sum of $1.05bn to the federal government of Nigeria in May 2024. This is the...
For the second consecutive month, Nigeria failed to meet its monthly crude production quota of 1.5mbpd as stipulated by the Organisation of Petroleum Exporting Countries (OPEC)...
The Eastern Naval Command of the Nigerian Navy, on Monday, disclosed that the Navy saved the country of N95bn through the operations of the command between...
Despite a budgetary benchmark of 1.7 million bpd crude oil production, Nigeria, for the month of January 2024 produced 1.43 million barrels per day signalling a...
After several years of dormancy, it appears the Port Harcourt refinery is set for a restart as Shell Petroleum Development Company Limited (SPDC) has disclosed that...
The Captain of MT Kali, a vessel impounded by Tantita Security Services in Bayelsa State, Captain David Adeboye has said that he does not know how...
Analysts at Meristem Research are projecting an increase in Nigeria’s oil production in 2024 barring any significant, unexpected shock to the sector in the year. The...
The Federal Government of Nigeria has set a target of two million barrels per day crude production in 2024. This is about 500,000bpd higher than the...
Despite a budgetary target of 1.78mbpd crude oil production, Nigeria’s crude oil output fell to 1.4 million barrels per day in November 2023, data from the...
Fresh data obtained from the Central Bank of Nigeria (CBN) has shown that Nigeria’s external reserves declined by $521.22m in five weeks. According to CBN’s data...
Oil exports contributed up to 82.50% of Nigeria’s foreign trade in Q3/2023, a recent Foreign Trade Statistics Report from the National Bureau of Statistics (NBS) has...
The 2024 budget estimates recently submitted by President Bola Ahmed Tinubu to the National Assembly for consideration by the Senate and House of Representatives may have...
The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that Nigeria recorded 226 crude oil theft incidents in one week, from November 18 to 24, 2023....
India, a primary destination for Nigerian crude has increased its appetite for discounted Russian barrels to the detriment of some Nigerian volumes leading to a dip...
The House of Representatives has resolved to conduct a comprehensive audit of the petroleum industry. The Chairman of the House Committee on Petroleum Resources (Downstream), Ikeagwuonu...
The President of the Nigerian Senate, Godswill Akpabio, on Monday, agreed with the often repeated line that oil has been a curse to Nigeria rather than...
Oil prices rallied on Monday after Hamas launched a shock attack on Israel at the weekend, which has sparked fresh concerns about tensions in the Middle...
Brent crude oil price rallied to $97.5 on Thursday, as the crude storage hub in Cushing, Oklahoma, United States, fell by 943,000 barrels to 22 million...
Two reports by the National Bureau of Statistics (NBS) have shown how Nigeria’s crude oil, despite contributing a larger percentage in trade merchandise, contributes very little...
Crude oil output in Nigeria and Iraq amongst others tempered the cut adopted by Saudi Arabia and Russia in August, a Platts survey conducted by S&P...
The Nigeria Employers’ Consultative Association {NECA}, on Wednesday, counseled the Federal Government on the need to ramp up crude oil production to the 1.8 million barrel...
A Platts survey by S&P Global Commodity Insights has shown that crude oil production by the Organization of Petroleum Exporting Countries (OPEC) and its allies have...
Nigeria’s crude oil production quota will be renegotiated in November, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has...
Hello, and welcome to the Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to...
Nigeria has reclaimed the first position as Africa’s largest crude oil producer by overtaking Angola. This is according to data released by the Organization of Petroleum...
The Federal Government revealed on Wednesday that Nigeria’s oil production is currently roughly one million barrels per day below its technically permissible potential. It blamed problems...
Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to “set up a presidential panel of enquiry to promptly probe the grim allegations that...
The recent increase in oil production is set to be significantly hit as Exxon Mobil has declared force majeure on oil lifting from different terminals in...
Nigeria lost a staggering 619.7 million barrels of crude oil, worth N16.25 trillion ($46.16 billion), due to crude oil theft between 2009 and 2020. The Nigerian...
The Organisation of the Petroleum Exporting Countries and its allies, OPEC+ which includes Saudi Arabia, Iraq and several Gulf states have announced a surprise oil production...
The National Bureau of Statistics (NBS) has revealed that Nigeria made N21 trillion from the sale of crude oil in 2022. The oil sales recorded is...
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has laid down new regulations aimed at measuring how crude oil is to be measured in the country as...
Oil-producing states in Nigeria received a total of N1.5 trillion as 13 percent derivation funds between 2021 and 2022. Data released by the Federal Account Allocation...
The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria ended 2022 as Africa’s largest oil producer. According to OPEC, Nigeria in the month of...
Crude oil production in Nigeria fell by -11.6 per cent (or 163,000 barrels per day) last year to 1.235 million barrels per day (mbpd) in December...
Nigerian National Petroleum Company (NNPC) Limited has denied claims that it exported $1 billion crude oil without records in four years. Ripples Nigeria had reported two...
The global crude oil price has continued to hover around $75 to $84 per barrel in the last few weeks and experts believe it could drop...
Shell Petroleum Development Company of Nigeria Ltd (SPDC) will pay over $16 million (N7.14bn) to communities in Niger Delta states that were affected by multiple oil...
The International Monetary Fund (IMF) has warned oil exporting countries in Africa to save earnings from the boom in crude oil price, as transition to low-carbon...
The Central Bank of Nigeria (CBN) has revealed that the Federal Government’s earnings from crude oil and gas exports increased by $40.86billion (about N18.18 trillion) in...
The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that Nigeria lost 619.7 million barrels of crude oil worth $46.16 billion or N16.25 trillion in 12...
The Organization of Petroleum Exporting Countries (OPEC) has revealed that Nigeria has regained its status as Africa’s leading oil producer. OPEC in its Oil Market Report...
About 700,00 barrels of crude oil are lost per day to oil theft in Nigeria, the Chief Upstream Investment Officer at the NNPC Upstream Investment Management...
Crash in crude oil export has decreased Nigeria’s earnings from trade export down by 9.7 per cent in the third quarter of 2022, with Spain leading...
The Organization of Petroleum Exporting Countries (OPEC) has revealed that Nigeria’s oil rig count has increased. A rig count reflects the amount of exploration, development, and...
The Organisation of Petroleum Exporting Countries (OPEC) has placed Nigeria as the fourth oil producing country in Africa. Like in previous months, OPEC revealed that Angola,...
The government of Equatorial Guinea says it has recovered a vessel suspected of being engaged in illegal crude export, and handed same over to the Nigerian...