crude oil

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Brent Crude Drops 5 Percent As US-Iran Pause Eases Supply Fears

Ogochukwu Onwaeze, THEWILL -
Brent crude fell more than 5 percent on Monday after the United States and Iran paused attacks over the weekend, raising hopes that diplomatic efforts could ease tensions in the Middle East. The decline followed weeks of sharp...
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Merit Over Patronage: Why Nigeria’s 2025 Oil Licencing Round Deserves Commendation

Felix Ifijeh, THEWILL -
Competition Replaces Patronage: Conducted under the Petroleum Industry Act (PIA) 2021, Nigeria's 2025 Licensing Round prioritised transparency, technical competence, financial capability and competitive bidding over political influence and discretionary allocations. Strict Selection Process Boosts Credibility: Of nearly 300...
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Navy Busts Major Crude Oil Theft Ring, Destroys Nine Illegal Refineries, Recovers 104,000 Litres of Stolen Crude in Rivers

Felix Ifijeh, THEWILL -
Nigerian Navy dismantles major illegal refining network in Bonny, destroying nine illegal refineries linked to crude oil theft syndicates.  Troops recover about 104,000 litres of suspected stolen crude oil from 18 dugout pits and neutralise five newly excavated...
Business

With Nigeria’s 2026 Oil Production Booming, Why Are Refineries Still Hunting For Crude?

Joy Onuorah, THEWILL -
Nigeria's crude production soared to a 74-month high of 1.56 million barrels per day in June 2026. Stable pipelines and operational efficiency pushed output to 104% of Nigeria's official OPEC quota. Despite the massive boom, local refineries are...
Business

Nigeria’s Crude Oil Output Reaches Highest Level Since 2020 as Questions Mount Over Economic Impact

Ogochukwu Onwaeze, THEWILL -
Nigeria's crude oil production rose to 1.56 million barrels per day, its highest level since April 2020. The country exceeded its OPEC quota for the second consecutive month, achieving 104 percent compliance. The milestone has reignited questions about...
Business

Oil Prices Jump Over 2% as U.S. Strikes on Iran Renew Middle East Supply Fears

Ogochukwu Onwaeze, THEWILL -
Brent crude climbed above $77 per barrel after renewed U.S.-Iran hostilities reignited supply disruption concerns. Iran announced the closure of the Strait of Hormuz, while vessel traffic through the key oil transit route fell sharply. Higher crude prices...
Business

Nigeria’s Crude Oil Output Hits 74-Month High, Exceeds OPEC Quota

Ogochukwu Onwaeze, THEWILL -
July 13, (THEWILL) — Nigeria’s crude oil production rose to a 74-month high in June 2026, surpassing the Organisation of the Petroleum Exporting Countries’ production quota for the fourth consecutive month as improved operational stability boosted output. Data released...
Business

Citi’s $60 Oil Forecast Raises Fresh Concerns Over Nigeria’s 2026 Budget

Ogochukwu Onwaeze, THEWILL -
July 3 (THEWILL) — A forecast by Citigroup that Brent crude could fall to $60 per barrel by the end of 2026 has heightened concerns over Nigeria's fiscal outlook and the sustainability of its budget assumptions. The projection comes as...
Business

Oil Prices Hit Lowest Level Since US-Iran Conflict On Supply Recovery Hopes

Ogochukwu Onwaeze, THEWILL -
June 19 (THEWILL) — Oil prices fell sharply on Thursday, dropping to their lowest levels since the outbreak of the US-Iran conflict as easing geopolitical tensions improved expectations for global crude supply. According to Reuters, Brent crude futures fell by...
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Historic US-Iran Peace Deal Crashes Oil Prices, Signals End To Global Supply Shock

Felix Ifijeh, THEWILL -
June 15, (THEWILL) — Global oil prices plunged sharply on Monday after the United States and Iran reached a historic peace agreement that effectively ended nearly four months of military confrontation, triggering a major selloff in energy markets and...
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NewsFelix Ifijeh, THEWILL -

Ikire Killings: Police, Residents Trade Blame As Two Die, Officers Injured In Osun

The violence erupted on Monday at the Naira and Kobo area of Ikire, Irewole Local Government Area, along the Ibadan-Ife Expressway, amid an alleged struggle for control of the motor park. While the Osun State Police Command described the incident as an armed attack on its patrol team by suspected political thugs, residents and political actors in the community have accused the police, particularly the Divisional Police Officer (DPO), of involvement in the shooting.
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