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...

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...