The Nigerian government has promised to uphold its crude oil production above a monthly average benchmark of 1.5 million barrels per day. Gbenga Komolafe, the esteemed Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, unveiled this commitment at the recent Project One Million Barrels Initiative. In July, Nigeria’s average daily crude production soared to…
The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of premium motor spirit. It was gathered that NNPCL retail outlets in Abuja have decreased their petrol pump price from N945 to N910 per litre. This price change was observed at various NNPCL filling stations, including those in Zone 6, Kubwa…
Global oil prices surged by over 2% after the United States conducted airstrikes on three Iranian nuclear facilities. According to data from Oilprice.com, oil prices soared as trading began on Monday. As of 1:16 AM on Monday, Brent crude was priced at $78.99 per barrel, while West Texas Intermediate futures reached $75.81 per barrel, up…
Oil prices dropped by more than 3 percent on Monday, continuing the downward trend from the previous week. Concerns are mounting that a global trade war could further hinder economic growth and diminish oil demand. According to a report by Reuters, Brent crude futures fell by $2.10, or 3.2 percent, reaching $63.48 a barrel at…
The Nigerian National Petroleum Company Limited (NNPCL) has announced its commitment to collaborate with key stakeholders to increase crude oil production to over two million barrels per day (bpd) by the end of 2024. Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL, shared this information in a statement on Monday, addressing concerns regarding discrepancies…
Petroleum marketers have stated that the Nigerian government has entirely eliminated the subsidy on Premium Motor Spirit (petrol), which has led the Nigerian National Petroleum Company Limited (NNPCL) to raise the price of petrol to N1,030 and N998 per litre in Abuja and Lagos, respectively. Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of…
Nigeria’s oil production fell by 160,000 barrels per day in the second quarter of 2024, as reported by the National Bureau of Statistics (NBS) in its recently released Gross Domestic Product report for Q2 2024. During this period, the country averaged daily production of 1.41 million barrels, a decrease from the 1.57 million barrels per…
International Oil Companies (IOCs) operating in Nigeria could inject up to 50 per cent of their oil and gas export proceeds in the Nigerian foreign exchange (forex) market through direct sales and settlement of several domestic financial obligations. In an update to its forex management policies, the Central Bank of Nigeria (CBN) yesterday permitted IOCs…
