Global oil prices remained in a tight range on Monday as markets weighed renewed diplomatic engagement between the US and Iran against persistent geopolitical tensions and new supply signals from the OPEC+ alliance. Brent crude, the international benchmark, rose three cents to $67.78 per barrel in early trading, after closing 23 cents higher the previous […]
Nigeria’s crude oil and gas export earnings have slumped sharply over the past decade, dropping from an annual average of $81 billion between 2008 and 2014 to just $45 billion between 2015 and 2024. The decline represents a 44 per cent fall and signals a structural reset in the country’s oil fortunes. At its peak […]
Petrol prices could climb to N1,000 per litre as global crude oil benchmarks push above $70 per barrel, deepening cost pressures in Nigeria’s deregulated downstream market and raising fresh inflation concerns. Crude’s move past $70 represents roughly a 10 per cent jump from last week’s $64 level, with the rally largely driven by heightened […]
The Oyo State government has debunked reports circulating on social media claiming that crude oil was discovered in a well at Yemetu, Ibadan, the state capital. The government, through the Ministry of Environment and Natural Resources, clarified that investigations revealed the substance found was diesel, not crude oil. The state Commissioner for Information and Orientation, […]
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says crude oil losses from theft and metering issues have dropped to their lowest levels in nearly 16 years. In a statement on crude loss trends up to July 2025, the regulator said daily losses stood at 9,600 barrels per day (bpd) — the lowest since 2009 when […]
Crude oil prices declined on Tuesday as progress in peace negotiations between Ukraine and Russia eased supply concerns, pushing Brent crude down 0.77 per cent to $65.63 per barrel from $66.14 at Monday’s close. U.S. benchmark West Texas Intermediate (WTI) also retreated 0.79 per cent to \$62.11 from $62.61 in the previous session. The pullback […]
The Nigeria Labour Congress (NLC) has asked the federal government to sell crude oil to the Dangote Refinery in naira, warning that insisting on foreign currency transactions could trigger fresh petrol scarcity and higher pump prices. Joe Ajaero, NLC president, represented by Funmi Sessi, Lagos state chairperson, made the appeal during a facility tour of […]
BY ANDREW OROLUA The Chief of Defence Staff, General Christopher Gwabin Musa on Tuesday February 4, 2025 met with critical stake holders in the oil and gas sector and vowed to implement Presidential directive for achieving 2.2 million barrel of crude oil production per day. The meeting according to the CDS is aimed at addressing […]
Brent crude price could temporarily surge to $93 per barrel if sanctions successfully curb oil exports from Iran and Russia by a combined 1 million barrels per day (bpd), says Goldman Sachs. In a note shared by Zerohedge on X, the bank outlined a scenario where Iran faces persistent supply disruptions while Russia experiences temporary […]
The Centre for Accountability and Transparency (CAAT) has called for an investigation into Matrix Oil’s importation of blended crude oil, alleging violation of international sanctions on Russian oil. Speaking at a press conference, convener Okwa Dan claims Matrix Oil’s actions have caused economic sabotage, environmental pollution, and health risks to Nigerians. The group alleges that […]
The Federal Government has been informed that it is close to violating existing laws by issuing mandatory sale of crude oil to Dangote Refinery and its local counterparts in Naira. An umbrella Association of indigenous oil and gas-producing firms, the Independent Petroleum Producers Group (IPPG), while expressing its members’ rejection of the directive by President […]
BY MOTOLANI OSENI A rise in crude oil production has significantly increased revenue generation for the Nigerian Federal Government in the first quarter of this year to N15.4 trillion. According to the National Bureau of Statistics (NBS), Nigeria’s crude oil production saw a recovery in Q1 2024, boosting export potential by 50.2 per cent to […]
… commends recent arrest vessel laden with 3,000 tons of stolen crude A civil society organization STAND UP NIGERIA has applauded the Commandant General of the Nigerian Security and Civil Defense Corps Dr. Ahmed Abubakar Audi for prioritizing training of its personnel to achieving success in its constitutional duties especially in protection of national assets. […]
By Tom Okpe The House of Representatives has resolved to set up an Ad-hoc Committee, to investigate what becomes of 150,000 metric tonnes of stolen crude oil ladened in the recently burnt Vessel MT TURA in Escravos River, Warri, Rivers State. The House therefore, urged the security agencies of the Federal Government to desist from […]
By Haruna Salami The George Uboh Whistleblowers Network on Tuesday protested to the National Assembly against Hon. Mark Gbillah-led Ad-hoc Committee on the sale of 48 million barrels of stolen crude oil sold in China. The protesters said Hon. Mark Gbillah-led Ad hoc Committee on the sale of 48M barrels of stolen crude oil sold […]
Crude oil fell sharply after slumping in the previous session, weighed down by demand concerns stemming from the state of the global economy and rising COVID cases in China. Brent futures fell $3.04 to $79.06 a barrel for a 3.7 per cent loss, while US crude dropped $2.91, or 3.8 per cent, to $74.02. Both […]
By Tom Okpe The House of Representatives has vowed to unravel circumstances leading to loss of over $2.4 billion revenue from alleged illegal sale of 48 million barrels of crude oil exported in 2015. The House ad-hoc committee investigating the matter gave this indication at its inaugural meeting at the National Assembly Complex in Abuja […]
.Again, summons Emefiele over cash withdrawal limit By Tom Okpe The House of Representatives has resolved to constitute and ad-hoc committee to investigate alleged loss of over $2.4 billion revenue from illegal sale of 48 million barrels of crude oil exported in 2015 and external sale of commodity exports from 2014 till date. The committee […]
Crude oil price opened the week on Monday trading at $70 per barrel more than two percent it traded on Friday following reports of attacks on Saudi Arabian facilities. This is the first time since 2019; the price of oil has went past the $70 mark. The last time was in May 2019 according to […]
Doosuur Iwambe,Abuja In spite of the rise in the price of crude oil in the international market, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of Premium Motor Spirit (petrol) in February, 2021. This was disclosed in a press release by the Group General Manager, Group Public Affairs […]