OPEC, Allies Begin Fresh Oil Production Cuts May   The Organisation of Petroleum Exporting Countries and its allies, referred to as OPEC+, on Sunday, announced voluntary cuts to their production of crude oil, amounting to about 1.15 million barrels per day, calling it a “precautionary measure”...

Sales of Crude Oil Rise by 46% to N21tn - NBS Nigeria’s crude oil sales rose by 46.41 per cent to push Nigeria’s total export to N26.79tn in 2022. This is as total trade rose by 31.79 per cent from N39.75tn in 2021 to N52.39tn in...

Oil Production May Drop Over Fresh Pipeline Explosions   Nigeria’s oil production output may fall this month over a fresh pipeline explosion, according to findings by our correspondent. A fresh explosion was said to have rocked a major export pipeline in the Niger Delta, with about 12...

Fed Govt Reopens Shut Oil Wells, Projects N29trn Annual Revenue   The Federal Government is reviving shut-in crude oil wells in a bid to produce about 2.1 million barrels of oil daily, with an estimated worth of N2.4tn monthly, from various drilling facilities in the Niger...

In Three Months, Oil Earnings Increase By N363bn   Nigeria is making progress in oil earnings following improvements in security in the Niger Delta region, as the country raked in an additional N363bn from crude oil sale in the months of October, November and December 2022. Figures...

Crude Oil: Bonny Light Loses All 2022 Gains   Nigeria’s Bonny Light grade crude oil lost all its gains in 2022 after trading at $81.94 per barrel at the end of 2022, a drop of 8.26 percent from the $88.71 per barrel it traded in January...