Lagos Oilfield Suffers 26% Output Drop   Crude oil production from Aje field, offshore Lagos, fell to 890,203 barrels last year from 1.2 million barrels in 2018, one of the joint venture partners has said. The field produced 912,870 barrels in 2017, down from 988,806 barrels in...

Crude Oil Cost: NNPC Sets Q4 2021 Target For $10/barrel     The Nigerian National Petroleum Corporation (NNPC), yesterday, disclosed that it plans to achieve a $10 per barrel cost of crude oil production by the fourth quarter of 2021. In a statement in Abuja, Chief Operating Officer,...

NNPC Increases June Selling Prices Of Crude Oil     The Nigerian National Petroleum Corporation has increased prices at which the country’s crude oil grades will be sold next month. The country’s July crude oil loading programmes showed higher output on key grades on Tuesday after the country...

Oil Records Second Monthly Drop, Unsold Cargoes Increase   Crude oil in the Organisation of Petroleum Exporting Countries reference basket dropped for the second consecutive month in April, shedding 48 per cent of its worth, as cargoes of unsold oil continued to accumulate, OPEC has said. In...

OPEC+ Wants To Maintain Output Cuts Beyond June     The Organisation of Petroleum Exporting Countries and its allies want to maintain existing oil cuts beyond June to shore up prices and demand, four OPEC+ sources were quoted by Reuters as saying on Tuesday. Global oil demand has...

NNPC Revises Crude Oil Prices Downward For May     The Nigerian National Petroleum Corporation (NNPC) has released its crude official selling prices (OSPs) for May, cutting values for all its grades from the decades-lows in April. According to a news report sourced from argusmedia.com, the state-owned oil...