crude oil

Aliko Dangote has disclosed that Dangote Industries Limited has acquired a 25 percent stake in a petroleum products pipeline network in Kenya as the conglomerate expands its fuel distribution infrastructure across Africa.

Brent crude oil rose above $111 per barrel on Tuesday before retreating to around $109, as the International Energy Agency warned that global energy markets might not return to normal in 2027 amid persistent Middle East tensions.

Nigeria produced an estimated 402.86 million barrels of crude oil between January and September 2026, with the output valued at approximately ₦52.11 trillion based on monthly average production rates, Bonny Light prices and an exchange rate of ₦1,331 to the dollar.

For decades, the NNPC Limited has occupied a central but complicated position in Nigeria’s economy. It is simultaneously a commercial enterprise, a custodian of the country’s interests in the petroleum industry and a strategic instrument of government energy policy. Reconciling these responsibilities with the discipline required of a modern commercial enterprise has remained a defining challenge.

Nigeria's federally collected revenue received a major boost in August 2026 as the Nigeria Revenue Service (NRS) generated N3.70 trillion in tax and related revenue, driven largely by strong petroleum taxes, royalties and Value Added Tax (VAT) receipts.

The United States Department of Energy issued a request for proposals on Friday, October 16, inviting energy companies to borrow up to 17 million barrels of crude from its Strategic Petroleum Reserve as global benchmark Brent crude touched $110 a barrel.

December Brent crude futures traded at $104.53 a barrel, down 0.2%, in a market update published at 8.58 am WAT. Earlier in the session, Brent had fallen towards $103 as traders assessed the prospect of more Russian fuel reaching international markets. Both figures are intraday prices.

The association said forward crude sales could provide greater certainty for refiners, reduce their exposure to international price volatility and improve feedstock planning.

Plans to ease global diesel shortages face uncertainty over how much additional fuel countries will supply, as the International Energy Agency prepares to work through the G7’s emergency reserves pledge.

The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) has kept oil production levels unchanged for November 2026, maintaining combined required output of 31.01 million barrels per day for seven participating countries.