The Organisation of Petroleum Exporting Countries and its allies (OPEC) yesterday gave the go-ahead to eight of its members and allies, excluding Nigeria, to pump an additional 548,000 barrels per day starting in August. The increase, which is equivalent to roughly 0.5 per cent of global production, is a step up from recent months when the group announced increases of …

Amid cries of crude shortage by local refineries in Nigeria, the country exported 82 per cent of its crude oil in the first quarter of 2025, The PUNCH report. According to a report published by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), only 18 per cent of the crude was made available to local refineries. Nigeria has the Dangote Petroleum …

A new crude-for-loan deal between the Federal Government and Saudi Arabian oil company Aramco, worth $5 billion, has stalled and is struggling to reach an agreement following the recent decline in crude prices. A report by Reuters quoting four sources on Tuesday stated that the deal hit a brick wall after fresh market indices and a recent decline in crude …

The production of Utapate, Nigeria’s newly introduced low-sulphur crude oil grade, has declined for the third consecutive month. According to the latest crude output document obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), production from the Utapate crude stream dropped to 1.155 million barrels in April 2025, down from 1.226 million barrels in March and 1.189 million barrels in …

The price of Bonny Light, Nigeria’s premium oil grade, yesterday, dropped by 5.09 per cent to $59.62 per barrel in the global market at the backdrop of the ongoing ripples created by the tariff war that has followed the series of tariff hikes announced by the United States of America early this week. The oil price was also hit by …

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has alleged that some local refineries are importing substandard crude into Nigeria to cut costs. PETROAN National Publicity Secretary, Mr. Joseph Obele said on Thursday that the refineries have been importing crude oil with high sulphur content into Nigeria. Asked to mention some of the refineries, Obele declined, saying the …

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has disclosed that Nigeria’s rig count will hit 50 in March. Komolafe said active rigs are currently 38, from 32 in the previous weeks. According to him, increasing the number of active rigs is essential to boost oil production and achieve the two million barrels per day …

The 6 Division of the Nigerian Army says its troops, in conjunction with other security agencies, have deactivated 25 illegal refineries and recovered about 95,000 litres of stolen crude oil in its various operations in the Niger Delta region. In a statement in Port Harcourt at the weekend, Lt. Col. Jonah Danjuma, the Division’s Deputy Director of Public Relations, said …

Nigeria’s cost of producing crude oil has risen to about $40 per barrel, a report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said. This is 300 per cent higher than the cost of producing the same crude in Saudi Arabia, which is $10 per barrel. According to the NUPRC, rising production costs, coupled with volatile global oil prices, …

The Dangote Petroleum Refinery is building eight more tanks in its bid to have enough storage for imported crude oil. A report by Africa Report has it that the refinery is ramping up its storage capacity by 6.29 million barrels, equivalent to 1 billion litres. The report stated that the $20 billion refinery is planning to stockpile imported crude oil …