The Nigerian National Petroleum Corporation (NNPC) Limited reported earnings of $224.29 million (about N93.424 billion) from crude oil and gas exports in August, 2021, as compared with $191.26 million (N79.7 billion) in July, 2021. A breakdown of the figures captured in the August, 2021, NNPC...

Oil Revenue Plunges As Nigeria Misses OPEC Output Target Nigeria missed its crude oil output target for January 2022, pumping 1.46 million barrels per day against a target of 1.683 million bpd as approved by the Organisation of Petroleum Exporting Countries. Officials of the Federal Ministry...

Nigeria’s Daily Oil Production Falls Below 1.2m Barrels   Crude oil production in Nigeria fell below 1.2 million barrels per day in December 2021 from 1.28 million bpd in the previous month, according to the Organization of the Petroleum Exporting Countries. The country produced 1.197 million bpd...

Oil Price Soars To Seven-year High   Oil prices traded within striking distance of its seven-year high at $86.71 per barrel yesterday on continuing supply constraints and waning fears among heavy fuel users of another pandemic-induced slowdown. In the last two weeks, Brent, Nigeria’s benchmark, has climbed...

Oil Price Surges Above $85 Amid Omicron Impact   The international oil benchmark, Brent crude, climbed above $84 per barrel on Wednesday on tight supply and easing concerns about the potential impact of Omicron coronavirus variant on demand. Brent, against which Nigeria’s crude oil is priced, rose...

Fed Govt Loses N1.474trn To 222 Terminal Shutdowns In 10 Months   The production of 50.788 million barrels of crude oil valued at N1.474tn was stalled between January and October last year due to community interferences and other challenges forcing oil terminals to shut down production...