Despite Nigeria's oil sector's struggles with an inadequate crude supply to domestic refineries, the Independent Petroleum Producers Group (IPPG) has used the federal government to avoid compelling them to meet this need immediately.

CNG Praises FG’s Decision To Sell Crude In Naira To Domestic Refineries The Coalition of Northern Groups (CNG) has voiced its appreciation of the Federal Government’s recent decision to sell crude oil in naira to domestic refineries, a departure from the previous practice of payment...

Crude Oil Revenue Increases by N91bn in June – FG The marginal rise in crude oil production in June 2024 increased Nigeria’s earnings from crude oil sales by about N91bn in the same month. Latest oil production data obtained from the Nigerian Upstream Petroleum Regulatory Commission,...

The oil market fell yesterday as weak consumer confidence data in the United States fed concerns regarding the economic outlook and fuel demand after a slow start to the summer driving season, with Brent futures for August down by $1 or 1.2 per cent at $85.01 a barrel and the US West Texas Intermediate (WTI) crude futures losing 80 cents or 1 per cent to settle at $80.83 per barrel. 

Emir Sanusi Lamido Sanusi of Kano has stated that human capacity development is key to Nigeria’s economic development, highlighting that the country’s crude oil is not a curse but the leaders are. 

Crude oil has traded lower as a result of easing supply concerns, with Brent falling by 17 cents to close at $83.16 per barrel, and the US West Texas Intermediate (WTI) crude depreciating by 10 cents to finish at $78.38 a barrel on Tuesday.