crude oil

Nigerian businessman, Tony Elumelu, said oil theft losses at his company's assets have fallen from 97% to 2%, saying the turnaround has restored profitability and made it easier for the company to obtain dollars without relying on personal connections at the central bank.

NUPRC has begun wide-ranging consultations with industry stakeholders on a domestic crude oil and gas swap initiative aimed at reducing logistics costs. The proposed swap mechanism is expected to improve compliance with the Domestic Crude Supply Obligation (DCSO)...

Over half of audited oil companies in Nigeria quietly withheld statutory development funds meant for host communities. An EFCC probe recovered over $160 million in unpaid levies following systemic non-compliance across the sector. The Senate Public Accounts Committee...

Nigeria’s crude oil production remained above 1.5 million barrels per day for the third consecutive month in July despite a 50,000bpd decline from June. OPEC data showed Q2 output averaged 1.525 million bpd, up from 1.388 million bpd...

Federal Government considers changes to crude allocation and pricing under the Domestic Crude Supply Obligation. Proposed direct-delivery and pricing adjustments could reduce feedstock costs for local refiners. Nigeria supplied 28.5 million barrels to domestic refineries in Q1, less...

Nigerian local refineries received 53.7 million barrels of crude oil and condensate between April and June 2026, representing 97.4 per cent of the volumes allocated under the Domestic Crude Supply Obligation. Supply performance varied sharply across the quarter,...

Refined petroleum products became the UK’s biggest goods import from Nigeria, worth £674.5 million in the year to March 2026. Nigerian crude oil imports fell 64.3%, dropping below refined petroleum products for the first time in the latest...

Brent crude slipped below $80 per barrel after renewed progress in US-Iran talks boosted hopes of reopening the Strait of Hormuz, easing concerns over global oil supply disruptions. Senior US officials said negotiations were advancing, prompting a sharp...

Nearly seven out of every 10 barrels produced during the period were sold overseas despite persistent concerns over crude supply to domestic refineries. Higher international oil prices, rather than a sharp rise in export volumes, drove the surge...

OPEC+ approves a fresh 188,000 barrels per day oil production increase for September, completing the rollback of a key layer of 2023 supply cuts aimed at stabilising the global crude market. The latest adjustment marks the fourth consecutive...