The value of Nigeria’s crude oil export earnings increased by 50.2 percent in the first quarter of 2024 to N15.4 trillion, according to data from the Nigeria Bureau of Statistics (NBS). The earnings quoted in naira showed a rise from…
The group chief executive officer (CEO), Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari has said the country’s oil production volume is close to 1.7 million barrels per day (bpd). He made this known in Lagos at the weekend at…
Nigeria’s average crude oil production for the month of April marginally rose to 1.281 million barrels daily according to the Organisation of Petroleum Exporting Countries (OPEC) monthly oil market report for April. According to direct sources from the federal government,…
Lagos Commodities and Futures Exchange has projected that Nigeria will generate $4 billion annually from trading about 50 million barrels on Nigeria’s Commodities exchange. The Chief Executive of LCFE, Akinsola Akeredolu-Ale, disclosed this recently during a meeting with the Nigerian…
The Economic and Financial Crimes Commission (EFCC), on Monday, charged five defendants before a Federal High Court in Lagos, over an illegal deal in petroleum products. The defendants are: Mt Vinnalaris (a vessel), Azeez Abubakar, Wisdom Borborley, Samuel Akpan and…
The Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri has attributed the low crude oil production in the first quarter of the year to issues with the Trans-Niger pipeline and maintenance activities by some oil companies. The Minister in…
For February, Nigeria’s crude oil production dropped to 1.32 million barrels per day from the 1.42-million-barrel oil daily production- a drop of 104,000 barrels per day. This is according to OPEC’s monthly oil market report (MOMR). The figure for the…
…Solicits EFCC’s support in combating oil theft The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mr Mele Kolo Kyari gas stated that crude oil theft is the most virulent economic crime in Nigeria. The…
Senate President Godswill Akpabio has lauded the Nigerian Navy over improved security in the maritime environment and increased onslaught against crude oil theft in the country. Akpabio gave the commendation on Friday at the Regimental Dinner organised by the Nigerian…
Dangote refinery is preparing to import crude from the US in the forthcoming months, signalling the increasing competitiveness of American barrels in the global market. This is according to reports from Bloomberg. Traders’ familiar with the matter disclosed that Trafigura…
