crude oil

The development triggered a fresh surge in crude prices, with Brent crude futures jumping $3.62, or 3.46 per cent, to $108.23 per barrel as of 2214 GMT, while US West Texas Intermediate (WTI) futures rose $3.15, or 3.15 per cent, to $103.20 per barrel.

The figures, contained in OPEC’s September 2026 Monthly Oil Market Report, showed that Nigeria’s crude production averaged 1.50 million barrels per day (mbpd) in August, compared with 1.505mbpd in July.

Brent crude climbed towards $100 per barrel as US sanctions and disruptions to Iranian oil exports tightened global supply concerns. Iranian crude loadings have plunged to about 260,000 barrels per day from 1.7 million bpd a year ago,...

The decline reversed much of the strong earnings improvement recorded between March and June, when monthly profit rose from N276 billion to N481 billion in April, N462 billion in May and N535 billion in June.

The acting General Secretary of the NLC, Benson Upah, said the latest increase would further worsen the economic pressure facing workers and low-income households already struggling with high transportation, food and living costs.

Brent crude, the global benchmark, rose 3.4 percent to $91.10 a barrel, while US West Texas Intermediate (WTI) gained 3.6 percent to $86.40, according to the latest market report.

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...