Crude Oil

Kachikwu: Nigeria Has Forward Sold Most Of Its Crude, Doesn’t Have Enough To Meet Quota For Domestic Refineries

Dumebi Kachikwu has highlighted the challenges facing Nigerian refineries, including Dangote's, due to the government forward-selling crude oil.

3 months ago

Ademola Adigun: Nigeria’s Crude Oil Supply Alone Cannot Meet Dangote Refinery’s Demand

Nigeria’s output of crude cannot supply Dangote because not every crude it has belongs to the country, says oil and…

3 months ago

After Sourcing From US and Brazil, Dangote Refinery to Seek Crude from Libya and Angola Amid Supply Hurdles in Nigeria

Dangote Refinery is negotiating with Libya and Angola for crude oil to tackle domestic supply challenges

3 months ago

Komolafe: Erroneous To Say IOCs Are Refusing To Sell Crude To Local Refineries, There Needs To Be A Willing Buyer-Willing Seller Relationship

“About 40% of what is adjudged crude oil theft actually are attributable to metering inaccuracies,” says NUPRC boss Gbenga Komolafe.

4 months ago

Nigeria Produced 558,000 Barrels Less Oil in April Compared with March, Says OPEC

Again, Nigeria failed to ramp up crude oil production despite all the sloganeering by the various agencies of government, producing…

2 years ago

Nigeria to Boost Crude Oil Production in Two Weeks by Reactivating Shut Oil Wells

Nigeria's federal government will boost crude oil production through the reactivation of oil wells that were shut down due to…

3 years ago

Nigerian Business Magnate Tony Elumelu Laments ‘95% of Crude Oil Lost to Theft’

Businessman and Chairman Heirs Holdings, Mr Tony Elumelu, on Thursday bemoaned the fact that Nigeria was losing over 95 per…

3 years ago

Nigeria’s Auditor General Reveals 107 Million Barrels of Crude Oil Missing in 2019

The audit report of the Auditor General for the Federation has revealed that the defunct Nigeria National Petroleum Company (NNPC)…

3 years ago

Oil Surges to 13-Year High of $129 Per Barrel

The price of international benchmark, Brent crude oil traded nine per cent higher to close at $128.60 per barrel on…

3 years ago

Oil Surges Past $113 as OPEC Keeps Supply Unchanged

Crude oil price on Wednesday continued its upswing as Brent, Nigeria’s benchmark crude, rose above $113 per barrel for the…

3 years ago

With Rising Theft, Nigeria Records 193m Barrels of Crude Oil Deficit in 11 Months

At a projected 1.86 million barrels daily oil production in the country's 2021 budget, Nigeria recorded a huge deficit of…

3 years ago

Oil Price Nears Three-year High, Trades at $78

A bit of good news came in for the Dollar-strapped Nigerian economy on Friday with the price of Brent crude…

3 years ago

NNPC: Nigeria’s State-owned Oil Company Didn’t Remit $9.435bn Crude Oil Proceeds in 2015, Senate Says

The Nigerian National Petroleum Corporation (NNPC) failed to remit N3.878 trillion, some $9.435 billion revenue from domestic crude oil sales…

3 years ago

Oil Price Hits 30-month High on OPEC’s Demand Rally Forecast

Crude oil prices Tuesday climbed to the highest point in more than two-and-a-half years, after the Organisation of Petroleum Exporting…

3 years ago

Nigeria: Pressure Mounts on Government to Save Oil Windfall as Price Rallies at $71

With the sustained rally of crude oil prices, there is pressure on Nigeria’s federal government to save the windfall as…

4 years ago

NNPC Boss Kyari Urges Nigerian Military to Halt 200,000bpd of Crude Oil Loss

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, yesterday led a delegation from the…

4 years ago

Oil Climbs to 13-month Highs on Output Cuts, Demand Recovery Hopes

Oil prices edged up to their highest in 13 months on Tuesday as supply cuts by major producers and optimism…

4 years ago

Nigeria’s Crude Oil Exports Hit Three-Year Low, Says Report

West Africa’s oil exports slumped to the lowest level in at least three years last month as infrastructure woes for…

4 years ago

IMF Projects 21% Rebound in Crude Oil Prices

Oil prices will average above $50 per barrel in 2021, a more than 21% rise from 2020's depressed level on…

4 years ago

OPEC Forecasts 5.9mb Rise in 2021 Daily Crude Oil Demand

The Organisation of Petroleum Exporting Countries (OPEC) has projected a daily crude oil demand increase by 5.9 million barrels per…

4 years ago