The United Arab Emirates (UAE) raised crude oil production to 3.8 million barrels per day in June, its highest level since April 2020, after quitting OPEC+ to escape quota restrictions.

Global oil prices climbed more than 2% on Tuesday after attacks on commercial vessels near the Strait of Hormuz reignited fears of supply disruptions through one of the world’s most critical energy shipping routes.

The Nigerian National Petroleum Company Limited (NNPC) has cut operating costs by $3.4 billion through contract restructuring and optimisation, in what it described as one of its biggest efficiency gains since becoming a commercial enterprise.

The Federal Government has begun efforts to streamline more than 270 taxes, levies, and statutory charges imposed on Nigeria’s oil and gas industry, commissioning PwC to conduct a global benchmarking of the country’s fiscal regime.

Foreign exchange market recorded its strongest weekly turnover in three months, with total transactions rising 7.67% to $3.053 billion in the week ended July 3, 2026, according to the FMDQ weekly FX market review.

The Tax Ombud/Chief Executive, Dr. John Nwabueze, has urged staff of the newly established Office of the Tax Ombud to uphold integrity and quality service delivery as the institution’s guiding principles.