Nigerian crude settled at about $70 per barrel, up from $68 earlier in the week. This is because U.S. crude inventories have recently decreased. Brent crude, which was trading at $69.3 per barrel on September 26, represents a slight monthly increase of 3 per cent. Nigerian blends usually trade at a slight premium to Brent…
Nigeria’s upstream oil sector has recorded a year-on-year output increase, averaging 1.63 million barrels per day (bopd) of crude oil and condensates in August 2025, This represents an improvement from 1.58 million barrels of oil per day (bopd) in the same period in 2024, according to the Crude Oil and Condensate Production for August 2025…
Latest crude oil price drop threatens Nigeria’s revenue and naira stability Nigeria’s average daily crude oil production rose to 1.507 million barrels per day (bpd) in July 2025, surpassing the Organization of the Petroleum Exporting Countries’ (OPEC) target for the second month in a row. This update was contained in OPEC’s latest Monthly Oil Market…
The execution of Nigeria’s N54.99 trillion budget suffered a major setback as the crude price dropped to $66 per barrel from $70 per barrel, indicating a 5.7 percent decrease, yesterday. This was even as Nigeria’s oil output, including condensate and foreign exchange, stood at 1.8 million barrels per day and more than N1,500 per dollar,…
With a record of 104%, Nigeria exceeded the Organisation of Petroleum Exporting Countries (OPEC) crude oil production quota in June 2025 by four percent. In the month under review, the country’s crude oil output was 1.505million barrels of oil per day, surpassing the 1.5mopd, the cartel allowed it to produce. The Nigerian Upstream Petroleum Regulatory…
Nigeria’s oil output has risen year-on-year, YoY, by 13.3 per cent to 1.7 million barrels per day, bpd, including Condensate, in November 2024, from 1.5 million bpd recorded in the corresponding period of 2023. But on month-on-month, MoM basis, the nation’s output rose by 10 per cent to 1.7 million barrels per day, bpd,…
The Nigerian government on Saturday said it has officially commenced the sale of crude oil and refined petroleum products in Naira. The sale in Naira takes effect from 1 October, the Federal Ministry of Finance disclosed in a statement posted on its X handle on Saturday. “The Hon Minister of Finance and Coordinating Minister of…
The Federal Government has started selling crude oil to local refineries and buying petroleum products using Naira. This move will help reduce pressure on the Naira, lower extra costs and make fuel more available. This was disclosed in a statement on X by The Federal Ministry of Information and National Orientation on Saturday, September 14….
Oil prices have risen in the global market following the killing of Hamas political leader, Ismail Haniyeh in Iran, today. The prices were relatively low at below $80 per barrel in the past seven weeks but suddenly shot up after he was reported dead. The prices of Brent and WTI currently stand at $80.79…