Browsing Tag
Crude Oil
16 posts
Federal Government Launches Crude Oil Trading Platform to Streamline Domestic Supply
The federal government has unveiled an automated trading platform to streamline the domestic supply of crude oil to local refineries like Dangote, aiming to reduce import reliance.
Nigeria’s Daily Oil Output Drops to 1.67 Million Barrels in July
Nigeria's daily oil production fell to 1.67 million barrels per day in July, largely due to operational issues at the Erha and Akpo fields.
Dangote Refinery Stresses Need for Accessible and Fairly Priced Local Crude
Dangote Refinery clarifies that while it supports sourcing local crude, supplies must be both physically available and priced at competitive market levels to remain viable for domestic operations.
Local Refinery Crude Supply Surged by 88.4% in Q2, Reports NUPRC
The NUPRC reported an 88.4% jump in crude oil supply to domestic refineries during Q2 2026, driven by stronger production and improved commercial agreements under the Petroleum Industry Act.
National Economic Council authorizes $4.5 billion loan deal for NNPC
The National Economic Council has approved a $4.5 billion refinancing deal for NNPC to boost foreign reserves and support infrastructure after reducing crude oil output requirements.
Atiku Demands Transparency Over President Tinubu’s Oil Revenue Pledges
Former Vice President Atiku Abubakar has challenged the Tinubu administration to publicly reveal the terms of its oil-backed loan agreements, arguing that these undisclosed deals jeopardize Nigeria's economic future.
Nigeria Unaffected as Select OPEC+ Nations Boost Production
Nigeria remains exempt from the latest OPEC+ production increase, allowing the nation to continue its independent strategy for raising oil output within its established quota.
Nigeria’s Oil Export Revenue Drops to $31.54 Billion in 2025
A new CBN report shows that Nigeria's crude oil export earnings dropped by over 14 percent in 2025 due to global market supply issues, with Europe remaining the largest buyer.
Dangote Refinery boosts fuel exports amid supply and currency hurdles
Dangote Refinery is prioritizing international fuel exports to offset severe local crude shortages and an inability to convert naira earnings into the foreign currency needed for operations.
Can Nigeria Transition from Crude Oil to Agriculture-Led Exports?
Experts urge Nigeria to pivot from crude oil dependence toward a value-added agricultural economy, emphasizing the need for infrastructure, technology, and policy reforms to unlock the nation's export potential.