Nigeria exported 55.39 million barrels of crude oil in the first two months of 2026, even as the Dangote Petroleum Refinery struggled with inadequate domestic feedstock supply.
Renewed US-Iran Negotiations Push Oil Prices Higher
Crude oil prices moved higher on Thursday, with WTI trading near $92 per barrel and Brent rising above $95, as markets rebounded from earlier weakness and tracked fresh developments around the US-Iran conflict. The recovery comes as traders...
Saudi Arabia’s oil officials are privately warning that crude prices could surge beyond $180 per barrel if disruptions to global energy supplies caused by the Iran war persist past late April.
The United States sharply reduced its imports of Nigerian crude oil in January 2026, with volumes dropping by 47.16% month-on-month, according to U.S. Census Bureau and Bureau of Economic Analysis data.
Nigeria earned $31.54bn from crude oil exports in 2025, according to the Central Bank of Nigeria’s Balance of Payments report, marking a 14.41% decline from $36.85bn in 2024.
History has an audacious way of repeating itself, often because actors fail to learn from previous events or because the universe intends to teach entirely new lessons.
