crude oil

Business

Boost For Economy As Nigeria’s Crude Output Hits 1.53mbpd, Surpasses OPEC Target

Felix Ifijeh, THEWILL -
June 11 (THEWILL) — Nigeria has recorded a significant milestone in its oil industry recovery efforts, with crude oil production rising to 1.53 million barrels per day (mbpd) in May 2026, surpassing the country's production quota allocated by the...
Business

Dangote Refinery Emerges Nigeria’s Shield Against Middle East Oil Shocks — S&P

Ogochukwu Onwaeze, THEWILL -
May 26 (THEWILL) — The Dangote Petroleum Refinery has emerged as a strategic lifeline for Nigeria’s economy, with S&P Global Ratings describing the facility as a critical buffer against growing supply disruptions and geopolitical tensions in the Middle East. In...
Business

Nigeria’s Oil Wealth Masks Output Gaps, Latest OPEC Data Show

Ogochukwu Onwaeze, THEWILL -
May 04, (THEWILL) — Despite holding one of Africa’s largest crude oil reserves, Nigeria continues to underperform its production potential, highlighting deep structural weaknesses in the sector, according to recent data from the Organisation of the Petroleum Exporting Countries...
Business

Global Oil Market Eases As US–Iran Dialogue Boosts Supply Hopes, Brent Drops To $94.44

Felix Ifijeh, THEWILL -
April 21, (THEWILL) — Global oil prices eased on Tuesday, offering cautious optimism to energy markets, as renewed diplomatic engagement between the United States and Iran strengthened expectations of improved crude supply from the Middle East. Brent crude futures...
Business

Nigerian Crude Sells Above $110, Trades at Premium Over Brent

Ogochukwu Onwaeze, THEWILL -
April 16, (THEWILL) — Nigerian crude grades rebounded in Asian trading on Thursday, recovering from earlier losses and trading at a notable premium over global benchmark Brent, supported by stronger-than-expected economic data from China. Brass River, a key Nigerian...
Business

Nigeria’s Crude Output Falls Short of OPEC Target for Eighth Straight Month

Ogochukwu Onwaeze, THEWILL -
April 14, (THEWILL) — Nigeria’s crude oil production remained below its quota set by the Organisation of the Petroleum Exporting Countries (OPEC), extending a streak of underperformance to eight consecutive months. According to OPEC’s April Monthly Oil Market Report, the...
Business

Expert Predicts Oil-Driven Volatility As Nigeria Eyes Gains From Rising Crude Prices

Ogochukwu Onwaeze, THEWILL -
March 31, (THEWILL) — Nigeria could benefit from rising global oil prices in the week ahead, although geopolitical tensions and mixed signals from global policymakers may introduce fresh volatility into financial markets. This outlook was shared by Lukman Otunuga, the...
News

400 Million Barrels of Oil to Hit Global Market Following IEA Emergency Decision

Felix Ifijeh, THEWILL -
March 11, (THEWILL) — The International Energy Agency (IEA) has approved the release of 400 million barrels of oil from emergency reserves of its 32 member countries, a historic move aimed at stabilizing global markets disrupted by the ongoing...
Business

Worries as Crude Oil Soars Past $110 Per Barrel, Petrol Price Surges

Sam Diala, THEWILL -
March 09, (THEWILL) — Nigerians are to embrace a fresh spate of cost-of-living crisis as crude oil soared past $110 per barrel in the international market on Sunday, March 8, 2026, amid ongoing war in the Persian Gulf. The...
Business

Nigerian Crude Rally Pushes Prices Beyond $70, Outpaces 2026 Budget Benchmark

Ogochukwu Onwaeze, THEWILL -
February 26, (THEWILL) — Nigeria’s crude oil has staged a notable rally, climbing past the $70 per barrel mark and moving above the benchmark set by the Federal Government of Nigeria for its 2026 budget projections. The surge comes as...
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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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