Kyari: Nigeria's Economy No Longer Dependent On Oil Revenues The Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Mallam Mele Kyari, says the Nigerian economy has become less dependent on oil revenues, unlike what was obtained in the past. Speaking at the Atlantic...

Nigeria Oil Production Fails to meet OPEC Quota Nigeria oil production has failed to meet the 1.8 million barrels per day oil quota set by Organisation of Petroleum Exporting Countries (OPEC) in the month of February 2022. OPEC released its Monthly Oil Market Report on...

NNPC Vows To Increase Production As Brent Crosses $105/barrel   Brent, the crude against which Nigeria’s oil is priced, crossed the $105/barrel price on Tuesday, as it rose to the highest price ever recorded since about 14 years following the ongoing war in Ukraine after it...

Oil Revenue Plunges As Nigeria Misses OPEC Output Target Nigeria missed its crude oil output target for January 2022, pumping 1.46 million barrels per day against a target of 1.683 million bpd as approved by the Organisation of Petroleum Exporting Countries. Officials of the Federal Ministry...

Nigeria’s Daily Oil Production Falls Below 1.2m Barrels   Crude oil production in Nigeria fell below 1.2 million barrels per day in December 2021 from 1.28 million bpd in the previous month, according to the Organization of the Petroleum Exporting Countries. The country produced 1.197 million bpd...

Oil Price Soars To Seven-year High   Oil prices traded within striking distance of its seven-year high at $86.71 per barrel yesterday on continuing supply constraints and waning fears among heavy fuel users of another pandemic-induced slowdown. In the last two weeks, Brent, Nigeria’s benchmark, has climbed...