Nigeria Exports 82% of Crude Oil as Local Refineries Struggle   Amid cries of crude shortage by local refineries in Nigeria, the country exported 82 per cent of its crude oil in the first quarter of 2025. According to a report published by the Nigerian Upstream Petroleum...

Global crude oil prices have recorded a 3 per cent decline, falling below the $70 per barrel mark, following Israel’s agreement to a ceasefire deal brokered by US President Donald Trump to end hostilities with Iran.

Nigeria’s major crude grades—Bonny Light, Brass River, and Qua Iboe—rose above $77 per barrel on Friday and sustained the rise till Sunday.

N12.9trn Worth of Crude Exported as Local Refiners Starve   Oil producers exported crude oil and other petroleum products worth N12.96tn in the first quarter of 2025, even as domestic refineries continue to suffer from poor feedstock supply. This is despite the slow implementation of the Domestic...

Brent crude oil price increased by 2.22 percent to $65.33 a barrel on Monday. Also, US West Texas Intermediate (WTI) crude rose by 3.36 percent to $62.39 a barrel at 16.35 WAT.

OPEC Oil Output Drops in April - Report   The Organisation of the Petroleum Exporting Countries (OPEC) oil output edged lower in April despite a scheduled output hike taking effect, a Reuters survey found. The decline was led by a cut in Venezuelan supply on renewed United...