…Upstream Petroleum Regulatory Commission (NUPRC) showed that Nigeria’s average daily crude oil and condensate production rose by 2.3 per cent to 1.74 million barrels per day (mbpd) in June from 1.70mbpd in May. The post Oil price reverses gains, falls 0.8% despite escalating US-Iran hostilities appeared first on Vangua…

…decade had been constrained by structural rigidities, policy missteps, dependence on crude oil, and repeated external shocks, leaving millions trapped in poverty. It stated that about 139 million Nigerians currently live below the national poverty line, with poverty concentrated largely in the northern part of the coun…

A fall in global crude oil prices would ordinarily be expected to ease the cost of aviation fuel and, by extension, reduce airline ticket prices. However, that has not happened in Nigeria, and according to an energy strategist and entrepreneur, Dr. Thomas Ogungbangbe, the reason lies in how the country’s Jet A1 market…

…cash flows.While the refinery continues to receive a significant volume of its crude oil feedstocks from local and international suppliers under dollar-denominated contracts, a substantial portion of its refined output was being sold domestically in naira.This mismatch, coupled with international crude price volatility…

…States was “reinstating” a naval blockade on Iran, further raising fears over global crude oil supplies and energy markets. According to oilprice.com, Brent crude rose from about $76 to above $80 per barrel following a fresh exchange of missile and drone attacks between the two countries, with both sides accusing each…

…export routes and a partial easing of Iran’s restrictions on maritime traffic, crude oil exports from the Middle East have averaged around 14 million barrels per day, down sharply from approximately 20 million barrels per day before the conflict began. The continued disruption to shipping activity has kept a geopolitic…

…its OPEC-mandated production ceiling for the second consecutive month, with June crude oil output soaring to an average of 1.56 million barrels per day (mbpd). This production volumes represents a 104 percent of the country’s 1.5 mbpd OPEC quota and marks Nigeria’s highest strict crude production level in over six year…

…reflecting mixed trends in Nigeria's downstream petroleum market. Meanwhile, the global crude oil prices suddenly surged sharply on Wednesday, with international benchmark Brent crude climbing close to the $80 per barrel mark, signalling renewed strength in the oil market amid heightened geopolitical tensions and expec…

…Island. CENTCOM made no mention of Kharg Island, from which Iran exports 90% of its crude oil. The incidents marked the latest threat to the fragile ceasefire brokered by the United States and Iran last month, which temporarily halted the conflict triggered by US and Israeli strikes across the Islamic Republic. by Lind…

…US-Iran agreement, the US Treasury issued a Jun 22 general license to allow the sale of crude oil and petrochemical and petroleum products of Iranian origin through Aug 21. In revoking that license on Tuesday, it gave Iran until Jul 17 to wind down any transactions. Trump added that US representatives can continue nego…

…cancelled a licence announced in June that had allowed Iran to produce, sell and deliver crude oil and related products through August 21. “Iran’s actions in the Strait were wholly unacceptable to the United States and will be met with consequences,” a US official told AFP. The official, speaking on condition of anonym…

…The fight against illicit alcohol should be viewed alongside efforts to combat crude oil theft, counterfeit pharmaceuticals, illegal mining, and fuel smuggling. These are not isolated crimes; they are different manifestations of the same institutional weakness-organised criminal networks exploiting gaps in state capaci…

…would replicate the company's refinery in Lagos and process about 700,000 barrels of crude oil per day when completed. The report read, "A new mega-refinery to be built at the Kenyan coast by Africa's richest person will cost as much as $17bn, a spokesman for Dangote Industries Ltd. has confirmed. "Billionaire Aliko Da…

…Analysts say investors and businesses are closely monitoring foreign exchange inflows, crude oil earnings, and monetary policy decisions, as these factors continue to shape the naira’s performance. Exchange Rates for July 8, 2026 Official NFEM rate: ₦1,372.96 per US dollar Parallel market buying rate: Around ₦1,400 per…

…value-added exports, is laying the foundation for a resilient economy less dependent on crude oil revenues. The President and Chairman of Afreximbank, Dr Elombi, said he and his team were at the State House to thank the President for his support, which led to his election as the President of the Bank, as well as to bri…

…not isolated observations. Gas flaring, the burning of natural gas produced alongside crude oil, has declined from its historic peak, but Nigeria remains among the world's largest gas-flaring countries. The process releases carbon dioxide, methane, sulphur dioxide, nitrogen oxides, soot, volatile organic compounds, and…

…have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week. He said: "Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the price…

…N1,495,215 per metric tonne to N1,428,165 per metric tonne. The development comes as crude oil prices dropped significantly to $69 and $73 per barrel, the same rates as pre-Middle East crisis times. Recall that on June 16, the Dangote Refinery had reduced its gantry petrol price by N75 per litre, triggering a nationwid…

…stressing that the temporary suspension is to make Iran to produce, sell and deliver crude oil and related products. The US attributed the move to Iran’s commitment in ongoing negotiations to free and open transit in the Strait of Hormuz. It also cited Iran’s permission for International Atomic Energy Agency inspectors…

In a bid to ensure tighter security of crude oil and gas assets and infrastructure across the Niger Delta, stakeholders

…significantly exceeded imports. According to the National Bureau of Statistics (NBS), crude oil remained the country's largest export commodity, generating N11.20 trillion and accounting for 52.92% of total exports. Also, Nairametrics earlier reported that Nigeria's trade sector contributed 17.89% to the country's Gros…

…cut in the price of petrol at the gantry to N1,175 per litre after a global drop in crude oil prices. Crude oil prices stood at $76 and $80 for West Texas Intermediate and Brent blends as of the time of filing this report. It will be recalled that days after the reported completion of a peace deal with United States Pr…

…the numbers Aradel's revenue growth was supported by all three operating segments, with crude oil remaining the largest contributor. Crude oil exports rose 18% to N440.1 billion and accounted for 63% of total revenue, supported by higher production volumes and reliable evacuation through the Trans Niger Pipeline and Al…

…after Iran announced the closure of the Strait of Hormuz, a major shipping route for crude oil exports, raising concerns about possible increases in fuel costs across several countries. Iran on Saturday declared the closure of the strategic waterway, accusing Israel of violating a ceasefire agreement through continued…

…We cannot compare these bandits with the Niger Delta militants' agitation for equitable crude oil proceeds dispensation. These are bandits who killed and forcefully took people's land and their natural endowment, even declaring their own fiefdoms inside the Nigerian nation, which is treason. It is evil to reintegrate t…