crude oil

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...

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...

February 24, (THEWILL) — Nigeria’s state-owned oil company, the Nigerian National Petroleum Company (NNPC), is preparing to export a newly developed crude oil grade called Cawthorne starting in March 2026, in a move expected to further lift the country’s...

December 07, (THEWILL) — Nigeria’s oil-producing states are receiving their highest 13 percent derivation allocations in nearly a decade, with disbursements reaching N1.09 trillion between January and August 2025, a 34 percent increase compared to the N812.2 billion recorded...

August 05, (THEWILL) — Nigeria’s crude oil production surged to 1.78 million barrels per day (mbpd) in July 2025, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Chief Executive of the Commission, Gbenga Komolafe, disclosed this on Monday...

June 23, (THEWILL) – The Naira-for-Crude initiative has ignited a profound debate in Nigeria’s economic landscape, yielding tangible results, such as the consistent drop in petrol prices. It is a development warmly received by many citizens. Meanwhile, the Federal Government’s...

June 10, (THEWILL) – The recent drop in crude oil prices has affected a proposed loan deal between Nigeria and the Saudi Arabian oil company, Aramco. According to Reuters, the $5bn facility, said to be Nigeria's largest oil-backed loan, is...

April 12, (THEWILL) – Nigeria’s crude oil production, including condensates, fell in March 2025 to 1.603 million barrels per day, data released by the Nigerian Upstream Regulatory Commission (NUPRC) has indicated. This represents a decrease of 68,000bpd compared to...

October 29, (THEWILL) – Nigeria's major source of foreign revenues are the crude oil resources and this makes this natural endowment a national treasure. This is why whatever happens in the crude oil sector of the economy shapes the...

October 15, (THEWILL) – Nigeria’s average daily crude oil production dropped by 33,000 barrels to 1.32 million barrels per day (bpd) in September 2024, the Organisation of Petroleum Exporting Countries (OPEC), said on Monday. The cartel in its October...