crude oil

The Digest: Crude oil prices surged to $114 per barrel on Thursday as the US-Israel war on Iran intensified, sparking fresh fears of higher petrol prices in Nigeria. Israeli strikes on Iran's South Pars gas field prompted Iranian retaliation on energy facilities in Qatar and Saudi Arabia, with...

The Digest: The Dangote Petroleum Refinery has reversed its recent price reduction, raising its ex-depot petrol price back to N1,175 per litre, just days after cutting it to N1,075 on March 10. The brief reduction had triggered a surge in buying activity, with depot operators selling at an...

The Digest: Nigeria's crude oil production fell to 1.31 million barrels per day (bpd) in February, a 10.69% decline from 1.45 million bpd in January, according to OPEC's monthly report. The figures, derived from direct communication with Nigerian authorities, show the country failed to meet...

The Digest: Global crude oil prices fell on Tuesday for the first time since the Iran-US-Israel conflict began on February 28, with Brent crude dropping to $91.11 per barrel and West Texas Intermediate (WTI) slipping to $86.93. The decline comes after prices had surged close to $100 per barrel...

The Digest: The Dangote Petroleum Refinery has announced that its plant is now operating at full installed capacity of 650,000 barrels per day, making it the "first refinery in the world to attain this feat." According to a statement, the milestone follows the completion of scheduled...

The Digest: Newly released documents from the Jeffrey Epstein case reveal email exchanges in which the late financier discussed potential business deals involving Nigerian crude oil. In a 2010 email, an associate named David Stern pitched a scheme to broker Nigerian oil to China for an...

The Digest: Nigerians are facing the prospect of another increase in the price of petrol following a sustained rise in global crude oil prices. Nigeria's Bonny Light crude has risen to $70.30 per barrel, a 10% increase from the previous week, with similar hikes seen in benchmark Brent crude...

The Digest: Global crude oil prices have climbed to $68 per barrel, the highest level in four months, driven by escalating tensions between the United States and Iran. Brent crude rose 2.24% to $68.88, while U.S. West Texas Intermediate increased by 1.9% to $64.41. Reports indicate the U.S. is...

The Digest: The Nigerian National Petroleum Company Limited has announced that its upstream subsidiary, NNPC Exploration & Production Limited, achieved a record daily production of 335,000 barrels of oil on December 1, the highest output since 1989. The milestone reflects a 52% increase from...

The Digest: Nigeria's crude oil output declined to 1.58 million barrels per day in October 2025, reflecting a 1.86% decrease from September's production levels. According to NNPC's monthly report, the drop occurred despite significant financial gains, with the state oil company recording N447...