Oil prices climbed after sliding to a one-month low in the previous session. Brent crude futures rose 27 cents, or 0.43%, to $62.75 a barrel at 0512 AM WAT today, while U.S. West Texas Intermediate crude futures gained 24 cents, or 0.41%, to $58.19 a barrel. Both Brent crude and WTI settled down 89 cents […]
•Governor Seyi Makinde of Oyo State The Oyo State government has debunked reports circulating on social media claiming that crude oil was discovered in a well at Yemetu, Ibadan. The government, through the Ministry of Environment and Natural Resources, clarified that its investigations revealed the substance found was diesel, not crude oil, re...
•Barrels of crude oil The United States became a net exporter of crude oil to Nigeria in February and March, as crude demand on the U.S. East Coast slowed due to refinery maintenance, and the Dangote refinery drove up Nigeria’s demand for inputs. A note by the U.S. Energy Information Administration yesterday said gross U.S. […]
•Oil rig There were fresh fears over the execution of Nigeria’s N54.99 trillion 2025 budget, yesterday, as the Organisation of Petroleum Exporting Countries, OPEC, put Nigeria’s crude oil output, excluding condensate, at 1.547 million barrels per day, bpd in June 2025. This showed a marginal increase of 1.24 per cent from 1.528 million bpd rec...
•Capt. Warredi Enisuoh The Executive Director of Technical Operations at Tantita Security Services Nigeria Limited (TSSNL), Capt. Warredi Enisuoh, has lamented the widespread culture of indifference among Nigerians as a key factor contributing to the persistent crude oil theft plaguing the Niger Delta, describing it as sabotage driven by apath...
The ongoing Israeli-Iran conflict has triggered upward adjustment in petrol prices by 10 marketers as crude oil rose 8.8 per cent to $74 per barrel from $68 per barrel. Crude prices are expected to rise further should Iran carry out its threat to block the Straight of Hormuz, which is responsible for the shipment of […]
•Port Harcourt refinery The Port Harcourt Refining Company (PHRC) Ltd in Rivers State has commenced crude oil processing. This is according to the Chief Corporate Communications Officer of the Nigerian National Petroluem Company Limited (NNPCL) Femi Soneye, reports Channels TV. “Today marks a monumental achievement for Nigeria as the Port Harc...
•Dangote and Tinubu President Bola Ahmed Tinubu has met with members of the crude oil and refined products sales in local currency implementation committee. The committee was led by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, to the State House, Abuja for the meeting, reports Daily Trust. Among those [&helli...
Crude oil is a liquid petroleum found accumulated in various porous rock formations in the earth’s crust and is extracted for burning as fuel or for processing It is a brownish-black or dark-green liquid mixture. It consists mainly of hydrocarbons, reports Channels TV. However, while petroleum includes crude oil and products, crude oil is just...
Owners of refineries in Nigeria have said that the country cannot continue to keep the businesses of fuel importers anymore, stating that Nigeria should be talking about fuel export at the moment. Speaking under the auspices of the crude-oil Refineries-owners Association of Nigeria (CORAN), they stated this amid complaints by depot owners that...
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