crude oil

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...

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...

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...

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...

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...