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…
For the month of December, Nigeria’s average daily crude oil production reached 1.418 million barrels from the 1.31 million barrels recorded in the month of November. This represents an increase of 100 tb/d from what was recorded in the previous…
The Organization of Petroleum Exporting Countries (OPEC) crude oil production maintained a steady production of crude oil with an average of 28.05 million bpd in December 2023 with Nigeria boosting output by an extra 50,000 bpd, a survey by Bloomberg…
The newly appointed Board and Management team for the Nigerian National Petroleum Company Ltd (NNPCL) on Monday pledged to produce two million barrels of crude oil on a daily basis from 2024. Chief Pius Akinyelure, Non-Executive Board Chairman of NNPCL,…
Global crude oil demand for the fourth quarter of 2023, will slip to 101.7 million barrels per day. The International Energy Agency (IEA) stated in its Oil Market Report preview. According to the agency, crude oil demand growth is slowing…
Nigeria is the top African crude oil producer for November 2023. This is according to data from the monthly oil market report released earlier today, December 13, by the Organization of Petroleum Exporting Countries (OPEC). In the recent OPEC report,…
Nigeria’s crude oil exports rose to N8.5trillion in the third quarter of 2023 according to a recent report by the National Bureau of Statistics (NBS). According to the report, the increase in export of crude oil contributed to an increase…
Recent industry report by the Nigerian National Petroleum Company (NNPC) Ltd has revealed that Nigeria recorded 226 crude oil theft incidents in a week from November 18 to 24. The NNPC Ltd made this known via its verified X (formerly…
The Federal Government of Nigeria has pegged its 2024 projections for crude oil and the dollar to naira exchange rate at $77.96 and N750 respectively. This new projection is a deviation from the earlier projection announced by Atiku Bagudu, Minister…
About 3,000 barrels of crude oil were lost to the Nov. 15 oil spill from the offshore Egina Floating Production Storage and Offloading (FPSO) vessel of TotalEnergies. The FPSO located 130 kilometres off the Atlantic coastline from Port Harcourt has…
