Nigeria’s oil revenue recorded further shock with Brent Crude, the international benchmark, falling below $90 per barrel for the first in seven months, yesterday. Minister of Finance, Budget and Planning, Zainab Ahmed, said the government was projecting a total revenue of N8.46 trillion in 2023 out of which N1.9 trillion is expected from oil-related sources … [Read more…]
All is not well in Nigeria’s oil industry as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated that oil output dropped to an average of 1.24 million barrels per day (bpd) from 1.25 million recorded in February 2022. NUPRC stated this in its latest crude oil and condensate production data for March 2022. Vanguard learnt … [Read more…]
Nigeria’s economy is in a dire strait as oil price hit $80.20 yesterday amid growing demand fuelled by a return to opening of economies around the world. However, the development has put Nigeria at crossroads. While the country makes more revenue from oil sales, the gains appear to be filtered away through fuel … [Read more…]
Nigeria and several other members of the Organisation of the Petroleum Exporting Countries exceeded their oil production quotas in March, according to S&P Global Platts. Nigeria, which had also recently improved its compliance, saw a steady rise in its March exports. Nigeria produced 1.57 million barrels per day last month, a 30,000 bpd … [Read more…]
The Nigerian National Petroleum Corporation (NNPC) has announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded a total of ₦158.04 billion from the sales of white products in the month of October 2020. The Corporation disclosed this on its October Monthly and Financial Operation Report (MFOR) in Abuja, on Thursday. … [Read more…]
The nation’s refineries lost a total of N152.08bn in 15 consecutive months of being idle, the latest data from the Nigerian National Petroleum Corporation have shown. Analysis of data collated from NNPC monthly reports revealed that all the refineries did not refine crude oil from July 2019 to September 2020. The refineries, which … [Read more…]
The Nigerian National Petroleum Corporation on Sunday announced a total export receipt for crude oil and gas valued at $120.49m for the month of September 2020. NNPC’s Group General Manager, Group Public Affairs Division, Kennie Obateru, said the figure was contained in the September 2020 edition of the corporation’s Monthly Financial and Operations Report. He … [Read more…]
Crude oil production in Nigeria tumbled by 155,000 barrels to a record low in December amid the production cuts by the Organisation of the Petroleum Exporting Countries and its allies. OPEC disclosed this on Thursday in its report for January, saying a meaningful rise in oil prices would brighten Nigeria’s economic outlook this year. The … [Read more…]
The sustained increase in global crude oil prices has pushed up the landing cost of imported petrol closer to the current pump prices of the product in Nigeria, and appears to have triggered a return to petrol subsidy era, ’FEMI ASU reports Since November 13, 2020 when the pump prices of Premium Motor Spirit … [Read more…]
The international oil benchmark, Brent crude, extended its gains on Friday, rising above $55 per barrel, in what is a potential boost to Nigeria’s crude oil export revenue. Brent crude, against which Nigeria’s oil is priced, hit an 11-month high of $55.41 per barrel as of 2:50pm Nigerian time on Friday, trading more … [Read more…]