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Tag: crude oil

featured

Brent hits $100 despite emergency reserve release

Oil prices jumped more than 8 per cent on Thursday, with Brent crude climbing to $100 per barrel, as traders remained skeptical that the release of government stockpiles would be enough to counter the major supply disruption caused by the war in the Middle East. U.S. benchmark West Texas Intermediate rose 8.8 per cent to […]

Opinion

Qatar minister warns oil could hit $150/barrel soon

Qatar energy minister, Saad al-Kaabi, has warned that global oil prices may reach $150 per barrel within weeks. He made the forecast on Friday in an interview with the Financial Times. The warning comes amid expectations that all Gulf energy producers may shut down exports due to ongoing Middle East tensions. Kaabi cited the United […]

featured Oil and Gas

Nigeria earned ₦55.5tn from crude oil sales in 2025 — NUPRC

Nigeria earned an average of N55.5tn from crude oil sales in 2025, according to an analysis of official production figures from the Nigerian Upstream Petroleum Regulatory Commission and crude price data from the Central Bank of Nigeria. This 2025 figure represents an increase compared to the N50.88tn earned in 2024. NUPRC data show that Nigeria […]

Crude oil
Oil and Gas

Nigeria oil output falls 8.3% to 1.544m bpd

The Nigerian Upstream Petroleum Regulatory Commission, the oil and gas industry regulator, said Nigeria’s oil output, including condensate, dropped by 8.3 percent year-on-year to 1.544 million bpd in December 2025 from 1.684 million recorded in the corresponding period of 2024. The Commission did not provide reasons in its report released yesterday, but there were indications […]

featured Oil and Gas

Nigeria boosted US crude imports by 167% in 2025

Nigeria’s crude oil imports from the United States surged by 167 per cent in 2025. According to data from the United States Energy Information Administration, Nigeria imported a total of 42.13 million barrels of crude oil from the US in the first 10 months of 2025. This figure represents a year-on-year increase of about 26.34 […]

Oil and Gas

Global crude oil prices fall amid Venezuela political turmoil

Crude oil prices dipped on Sunday amid uncertainty over Venezuela following the Trump administration’s ouster of President Nicolás Maduro. United States crude dropped 31 cents, or 0.54 per cent, to $57.01 per barrel, while global benchmark Brent fell 22 cents, or 0.36 per cent, to $60.53 per barrel. On Saturday, President Donald Trump emphasized that […]

Business

Nigerian crude struggles to find buyers amid global oversupply – Report 

Nigerian crude oil sellers are facing weak demand on the global market, even as the Dangote Petroleum Refinery has raised concerns over limited local feedstock supply. A Reuters report on Thursday said West African crude sellers are struggling to place cargoes scheduled for late December and January loading, as they face stiff competition from abundant […]

Oil and Gas

Reps demand details on EFCC crude oil seizures

The House of Representatives’ Ad-hoc Committee on the Implementation and Oversight of the Naira-for-Crude-Oil Policy has demanded that the Economic and Financial Crimes Commission provide comprehensive details on crude oil seizures, sales, and disposal conducted under its supervision. The directive was issued by the Chairman of the committee, Rep. Emerengwa Sunday, during the resumption of […]

FG target Spanish investors for seven oil blocs
Oil and Gas

Refiners, NUPRC disagree over reasons for crude oil scarcity

The Nigerian Upstream Petroleum Regulatory Commission has revealed that 11 crude oil cargoes offered to local refiners in a single month went uncollected, despite persistent complaints from the refiners regarding a scarcity of crude supply. byThe Chief Executive of NUPRC, Gbenga Komolafe, who was represented by commission official Boma Atiyegoba during a panel session at […]

Business

Sahara Group targets 350,000 barrels oil production in five years

Sahara Group, one of Africa’s leading energy and infrastructure conglomerates, has announced ambitious plans to ramp up its upstream crude oil production to 350,000 barrels per day within the next five years. This projected growth will be fueled by a major upgrade of its exploration and production services, enhanced execution capacity, and the acquisition of […]

Uncategorized

Nigeria emerges as key crude supplier to Senegal’s refinery

Nigeria has become a key crude supplier to Senegal’s 30,000-barrels-per-day Dakar Refinery, even as Senegal marked its debut as an oil-producing nation last year. Senegal began output in mid-2024 from the Sangomar field, producing about 100,000 barrels per day of medium sour crude (31° API, 1.0% sulphur), according to industry tracker Kpler. But nearly all […]

Oil and Gas

Nigeria’s crude oil losses drop to 16-year low — NUPRC

The Nigerian Upstream Petroleum Regulatory Commission has announced a significant reduction in crude oil losses, dropping to 9,600 barrels per day as of September 11, 2025. This marks the lowest level of crude oil losses since 2009, representing a 90% reduction from the 102,900 barrels lost in 2021. The commission’s statement was in response to […]

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