crude oil

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...

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...