crude oil

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...

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...

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...

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...

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...