Saudi Arabia: A National Day Worthy of Celebration  By Zekeri Idakwo Saudi Arabia, the largest country in the Arabian Peninsula, celebrates its national day today, September 23. This year's celebration marks the historic event of the unification of the Kingdom of Nejd and Hejaz in 1932 by...

Brent Crude Hits $92 Per Barrel   Oil price, on Friday, edged up to over $9o a barrel for the first time since November 2022. Brent crude, the global oil benchmark, increased by 1.69 percent to $92.23 a barrel, while US West Texas Intermediate jumped 2.02 percent...

OPEC Warns FG as Refining Capacity Crashes to 6,000b/d The Petroleum Exporting Countries recent report has revealed that Nigeria's crude oil refining capacity has further reduced to just 6,000 barrels per day. In its latest Annual Statistical Bulletin 2023, OPEC said the country’s capacity to refine...

Fed Govt Loses N1.9trn To Oil Theft In July   Crude oil theft may have cost the country a whopping N1.9tn revenue loss in July. The estimation was arrived at following a pronouncement by the National Security Adviser, Nuhu Ribadu, last week when he led a presidential...

Nigeria Oil Production Slumped To 1.08mbpd July - OPEC   Nigeria maintained 14 functional oil production rigs in July, after recording the same number of rig count/units in the preceding month of June 2023, latest data on World Rig Count and Units released by the Organisation...

Nigeria’s Oil Production Falls 13.6% to 1.08mbpd in H1 Nigeria’s oil production in the month of July 2023 fell by 13.6 percent to an average of 1.08 million barrels per day compared to 1.25mbpd recorded in June, latest production data from the Nigerian Upstream Petroleum...