Browse Tag

Crude Oil

Toxic Fumes Kill at Least 37 in Suspected Oil Theft Operation in Nigeria

September 4, 2026

At least 37 people died after inhaling toxic fumes while allegedly attempting to steal oil from a loading vessel in Nigeria’s oil-producing Rivers state, an environmental advocacy group said on Friday, Prime

Worries As Oil Price Crash, Low Production Threaten Nigeria’s 2025 Budget

News·Oil & Gas·Top Stories·World News

Crude Climbs as Investors Await Fresh U.S. Inflation Signal

August 12, 2026

Oil prices rose on Wednesday, extending a six-session rally, as renewed concerns over Middle East supply disruptions offset mixed signals from global stock markets ahead of U.S. inflation data that could shape

Business News·News·Oil & Gas·Top Stories

HPCL Taps Nigerian Crude Grades for Rajasthan Refinery as India Diversifies Oil Supply

August 4, 2026

India’s state-owned Hindustan Petroleum Corporation Limited (HPCL) has purchased two million barrels of Nigerian crude oil through a tender for its 180,000-barrel-per-day refinery in Rajasthan, according to trade sources. The cargo comprises

Global Oil Prices Rise To $73.05/ Barrel As Market Prepares For 2024 Outlook

News·Oil & Gas·Top Stories·World News

Middle East Tensions Push Brent Crude Above $98, Raise Global Supply Concerns

July 23, 2026

Brent crude oil prices surged above $98 per barrel on Thursday, climbing more than 4% to reach a six-week high as escalating tensions in the Middle East heightened concerns over possible disruptions

Business News·News·Oil & Gas

Nigeria’s Daily Oil Output Rises Above 1.8 Million Barrels, Highest In 3 Years

August 4, 2025

Nigeria’s crude oil production climbed to over 1.8 million barrels per day (bpd) in July, marking the country’s highest output in more than three years. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC)

Business News·Oil & Gas

Why We Resort To Importing Crude From U.S. – Dangote

June 20, 2025

President of Dangote Group, Alhaji Aliko Dangote, has said his $20 billion refinery resorted to importing more crude oil from the United States due to insufficient supply from domestic sources. The management

Business News·News·Oil & Gas

NNPCL Begins Crude Oil Sales In Naira To Dangote, Other Local Refineries

October 5, 2024

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has announced that the sale of crude oil in naira to Dangote Refinery and other local refiners has officially kicked

Business News·News·Oil & Gas

Nigerian Troops Recover Over 700,000 Stolen Crude Oil In Major Operation

July 20, 2024

Troops Seize Over 700,000 Litres of Crude Oil In a significant crackdown on oil theft, Nigerian troops have recovered 715,325 litres of stolen crude oil and 148,415 litres of illegally refined diesel

Business News·Markets·News·Oil & Gas

Nigeria’s Crude Oil Production Decline Costs Country N720bn In Revenue In 2 Months

April 15, 2024

Nigeria, Africa’s largest oil producer, faced a significant revenue setback as a consequence of consecutive declines in crude oil production. The country lost about N720 billion due to a slump in production

Business News·Markets·News·Oil & Gas

Nigerian Crude Oil Trades At $92 Per Barrel, $14 Higher Than FG Budget Benchmark Amid Global Supply Concerns

April 3, 2024

Nigerian crude oil continues to hold its premium status in the global market, trading higher than the Federal Government’s budget benchmark as investors remain wary of supply disruptions. With recent attacks on

Saudi Arabia Issues Warning Of $50 Oil Price If OPEC+ Nations Fail To Comply

Business News·Oil & Gas

Why Global Oil Market Needs $14trn Investment – OPEC

February 7, 2024

In a paradigm-shifting address at India Energy Week, OPEC’s Secretary General Haitham al-Ghais illuminated the pressing need for $14 trillion investment in the global oil market over the next two decades. His

Business News·News

Why Port Harcourt Refinery Can’t Work This December As Promised – Ex-NNPC Chief

December 6, 2023

Erstwhile Group Executive Director of the Nigerian National Petroleum Company (NNPC), Alex Ogedengbe, has advised Nigerians to minimize their expectations from the Port Harcourt refinery, stressing that from all indications the plant

1.78mpd Oil Output Project Can Be Achieved – NNPCL

Business News·News·Oil & Gas

NNPCL Kicks As Nigeria Records 172 Crude Oil Theft Incidents In 1 Week

November 22, 2023

The Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari has described the destruction of over 5,000 kilometers of oil pipelines by vandals as a national calamity, with the country

Africa·Business News·News·Oil & Gas

NNPCL, Aiteo Launch Nembe Crude Oil Grade

November 8, 2023

The Nigerian National Petroleum Company Limited (NNPCL) and Aiteo have jointly introduced the Nembe crude oil grade. The announcement was made at the Argus European Crude Conference in London, with Olufemi Soneye,

Business News·Oil & Gas

FG Loses N249bn To Decline In Crude Output, Fuel Hike Drops PMS Consumption

August 21, 2023

In July 2023, Nigeria’s total crude oil production fell to 33.5 million barrels, resulting in about N249 billion or $320.4 million lost last month, worsening the Federal Government’s revenue problem in the

IPMAN Asks FG To Partner With Illegal Refinery Operators In Creeks

Business News·Oil & Gas

NNPC Discovers Oil Thieves’ Sophisticated Equipment Siphoning Crude

July 17, 2023

The equipment of suspected oil thieves on oil mining lease (OML) 18, was discovered by the Nigerian Navy and the Nigerian National Petroleum Company (NNPC) Limited on Tuesday, 11 July 2023. This

Nigeria Week Ahead: CBN Rate Decision, Inflation & Oil in Focus

Business News·Oil & Gas

Nigeria Earns About $104.58 million Daily From Crude Oil, As Output Skyrockets

March 10, 2023

Nigeria earned at least $104.58 million daily from crude oil in February 2023, as Africa’s largest oil producer pumped 1.3 million barrels per day. The 1.3 million barrels produced daily last month

Concerns For Nigeria's Oil Market As Over 60 Million Barrels Remain Unsold

Business News·Oil & Gas

Oil Price Rises, As Nigeria’s Failure To Meet Quota Drags OPEC Output Down

February 1, 2023

Despite Nigeria claiming the spot of the largest crude oil producer in Africa, it failed to meet its quota in January 2023, as agreed with members of Organisation of the Petroleum Exporting

NNPCL Denies Inflating Fuel Subsidy Payments

Business News·Oil & Gas

NNPC Makes Case For Lack Of Record On $1 billion Crude Oil Export

January 6, 2023

Nigerian National Petroleum Company (NNPC) Limited said it remitted earnings from the 17.877 million barrels of crude it exported contrary to allegations against the firm. According to several reports quoting the Auditor

Oil & Gas

Crude Oil Production Rises, Nigeria Risk Losing $23 billion

December 12, 2022

Nigeria’s crude oil production has increased to 1.59 million barrels per day, according to the Chief Upstream Investment Officer at the NNPC Upstream Investment Management Services (NUIMS), Bala Wunti. The figure provided

Business News·Oil & Gas

Spain Tops United States On List Of Nigeria’s 10 Biggest Crude Oil Buyers

December 9, 2022

In the third quarter of 2022, Spain was the biggest buyer of Nigerian crude oil, with India, France, Netherlands, Indonesia and the United States completing the top five. According to the foreign

Business News·Oil & Gas

NNPC Reveals Nigeria Loses 700,000 barrels Per Day To Oil Thieves

December 8, 2022

The Chief Upstream Investment Officer at the NNPC Upstream Investment Management Services (NUIMS), Bala Wunti, said Nigeria loses 700,000 barrels per day to oil thieves. Wunti stated that the Federal Government had

CBN Places Service Restriction On PoS Agents Across Nigeria

Business News·Currency

Govt Must Tackle Oil Theft To Stabilise Forex Rate, Reserves – Emefiele Reveals

November 29, 2022

For Nigeria’s foreign reserves to rise and stabilise forex rate, the Federal Government must conclusively address the persistent challenge of oil theft, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele,

Business News·Oil & Gas

NNPC Boss, Kyari, Receives Death Threat, Amid Firm’s Disagreement With El-Rufai

November 9, 2022

The Group Managing Director (GMD) of the Nigeria National Petroleum Company (NNPC) Limited, Mele Kyari, has claimed that his life is under threat. Kyari said some persons are threatening his life due

Business News·Oil & Gas

Nigeria Loses $63 million Oil Revenue Daily, $1.9 billion Monthly To Oil Thieves

October 31, 2022

Nigeria loses at least 700,000 barrels of crude oil to thieves per day, the Minister of State for Petroleum Resources, Timipre Sylva, has revealed. This compounds the revenue problem of the country.

Business News·Oil & Gas

Nigeria Loses N877 billion, As It Struggles To Meet Crude Oil Production Target

September 22, 2022

The Executive Commissioner, Corporate Services and Administration of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Jide Adeola, said that Nigeria doesn’t meet its daily production target. According to Adeola, the country has a

Business News·Oil & Gas

Dangote Refinery Has Right Of First Refusal To Nigeria’s Crude Oil – NNPC

August 31, 2022

The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, said the corporation held the right to sell crude to Dangote Refinery, owned by billionaire, Aliko Dangote.

The Oil Palm War in Nigeria – SPECIAL REPORT

August 26, 2022

Prior to the discovery of crude oil, Nigeria is the home of the black oil, now known as the oil palm. In the 19th century, shortly after the end of slavery, a

Business News·Oil & Gas

Five Reasons NNPC Lost $1.06 billion Oil Revenue In One Month

August 25, 2022

The Nigerian National Petroleum Company (NNPC) Limited lost $1.068 billion oil revenue in one month as the corporation struggles to curb crude oil loss, preventing the firm from remitting into the federal

Business News·Oil & Gas

UN Criticises Oil Companies For Making Over $100 billion In Three Months

August 4, 2022

The secretary-general of the United Nations, António Guterres, has condemned oil and gas companies for taking advantage of the rising price of crude oil to increase their earnings in the first quarter

Business News·Oil & Gas

Seplat Energy To Operate New Export Route After Revenue Loss To Vandalism

Seplat Energy has commenced transportation of crude through the new Amukpe-Escravos pipeline in Niger Delta, as the oil and gas company looks to reduce it dependence on Trans Forcados System. The firm had previously been using the Trans Forcados System as route

August 2, 2022

Business News·Oil & Gas

Nigeria Loses Largest African Oil Producer Status To Angola, As OPEC Reveals Country’s Problem

Nigeria has yet again lost its position as the largest oil producer in Africa, after producing less crude compared to Angola in June. This is the second months the country will fall behind, with May being the first. Oil companies in Nigeria

July 13, 2022

Business News·Oil & Gas

Oando Boss, Wale Tinubu, Says Business Suffering From Oil Theft, Reveal Losses

The Group Chief Executive Officer of Oando Plc, Wale Tinubu, said Nigeria’s Gross Domestic Product (GDP) is at risk of losing millions due to the crude oil barrels pumped by oil companies that are lost to sabotage and theft. Tinubu said the

July 7, 2022

Business News·Oil & Gas

Russia-Ukraine War: Buhari’s Gov’t Spends N947.51 billion On Fuel Subsidy In 4 Months

Nigeria spent N947.51 billion on petrol subsidy within the first four months of this year, as rising crude oil price eats into the revenue generation of the country, surging by 55.7%, to rise from $78.98 to $122.99 between January to April, amid

June 9, 2022

Business News·Oil & Gas

Oil Price Falls, Put Nigeria’s Fuel Cost Above N300 Per Litre

Crude oil price opened trading on Monday at a loss, falling -0.72%, but it level is still a problem to the Nigerian government, which has been unable to profit from the 52% surge year-to-date, compared to other members of the Organisation of

June 6, 2022

Business News·News

Oil Price Rises, As OPEC Raises Nigeria’s Oil Quota After Russian Oil Ban

Crude oil price rose to $119.7 per barrel on Friday as the Organisation of Petroleum Exporting Countries (OPEC) raised Nigeria’s oil production quota, two years after the April 2020 increase, during the COVID-19 lockdown. OPEC agreed to up Nigeria’s quota to 1.8

June 3, 2022

Oil & Gas·Insights

Russia Oil Ban Hands Nigeria, Oil Thieves Opportunity To Increase Revenue

Ban on Russian oil from Europe has created an opening for oil thieves in Nigeria, Nigerian government and members of Organization of the Petroleum Exporting Countries (OPEC) and allies, OPEC+, to raise their oil revenue. European Union members had hit Russia’s production

June 2, 2022

Oil & Gas·Top Stories

ENI Terminal Blast Forces Down Oil Production By 25,000 Barrels Per Day

Parent company of Nigerian Agip Oil Company (NAOC), Eni, on Monday declared a Force Majeure – a legal clause in contracts which absolves firms from legal liabilities due to circumstances beyond their control – on expected oil output at its Brass terminal

March 14, 2022

Oil & Gas·News

Oil Price Gains 0.54%, Closes At $75

Brent Crude on Monday gained 0.54% to close at $74.5 per barrel, with WTI also recorded a 0.31% increase in price and Bonny Light growing 1.27% to close at $72.8 per barrel. However, Natural gas recorded a decline of 0.07% to close

July 27, 2021

Oil & Gas·News

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