crude oil

The Digest: Nigerian crude is edging towards 120 per barrel as the Middle East conflict shows no sign of ending. Data from the Central Bank of Nigeria showed that Bonny Light traded at about 117 per barrel, gradually returning to April levels when prices almost hit 140. Oil prices have surged...

The Digest: Dangote Refinery has maintained its ex-gantry price of Premium Motor Spirit (petrol) at N1,275 per litre, according to a credible inside source, contrary to earlier reports claiming a price hike. The clarification comes as global crude oil prices plummeted by 10 to 12 percent, with...

Oil prices surged over 6 per cent on Wednesday as deadlocked US-Iran negotiations deepened concerns over prolonged disruptions to Middle Eastern supply. Brent crude settled at 118.03perbarrelaftergaining118.03perbarrelaftergaining6.77 or 6.1 per cent, while West Texas Intermediate rose by...

The pump price of petrol is nearing N1,400 per litre in many parts of Nigeria as the US-Iran conflict persists and the United Arab Emirates exits OPEC. Brent crude jumped from 105to105to118 per barrel between Monday and Wednesday, prompting Dangote Refinery to raise its gantry price from N1,200...

Dangote Refinery has increased its ex-depot price of petrol from N1,200 to N1,275 per litre, a seventy-five naira jump, according to a company official on Wednesday. The coastal supply price has also risen to N1,215 per litre. The increase comes as global crude oil prices surge above $114 per...

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...