Nigeria’s Crude Oil Production Rises 1.4mbd, Says OPEC  The Organisation of the Petroleum Exporting Countries said Nigeria’s crude oil production rose to 1.418mbpd in December 2023. OPEC, in its Monthly Oil Market Report for January 2024, said Nigeria’s crude oil production increased by 100mb/d, from 1.319mbpd...

OPEC Demands Oil Investments Despite Push for Energy Transition The Organisation of the Petroleum Exporting Countries is seeking more investment in oil despite global push for renewable energy sources. OPEC said oil remains indispensable in the renewable energy transition, projecting in its recent 2023 World Oil...

Monopoly: Price Hike Drives Oil Marketers out of Fuel Imports - Kyari The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has defended the company’s current monopoly in fuel import, arguing that oil marketers withdrew from fuel importation due to...

Nigeria’s Oil Output Rises 30% to 1.6m bpd in 2023 Nigeria's crude oil production, including condensate, rose year-on-year, YoY by 30 per cent to 1.6 million barrels per day, bpd in October 2023, from 1.2 million bpd recorded in the corresponding period of 2022. But on...

FG Loses $3.89bn to Crude Oil Underproduction in Q3 - Report Nigeria's total losses from underproduction of crude oil rise to an estimated $3.89 billion in the third quarter of 2023, despite marginal gains in crude oil production in September, according to industry data analysis. This...

Afreximbank Engages Oil Traders in NNPCL $3bn Loan Funding The African Export-Import Bank, Afreximbank, has commenced talks with oil traders for the execution of the $3 billion emergency loan to Nigeria through the NNPC Limited. An authoritative oil market source told Reuters this yesterday. The loan comes...