Crude Oil

The Federal Inland Revenue Service (FIRS), has charged non-domestic companies shipping crude oil from Nigeria to ensure strict compliance with the country’s tax laws in their operations. FIRS Chairman, Zach Adedeji gave the charge in…

Crude Oil futures fell on Tuesday, reversing steep gains made in the past two sessions, as investors turned cautious ahead of a meeting of OPEC+ this Sunday. The producer group may discuss deepening supply cuts due to slowing global…

Niger Republic has commissioned a 1,980km cross-border crude oil pipeline that will connect the Agadem Rift Basin (ARB) region in Niger to Port Seme Terminal in the Republic of Benin allowing the country to directly export its crude oil…

Nigeria’s earnings from crude oil sales increased by N188.7 billion in August 2023 due to the rise in the production of the product by both international and local operators. READ ALSO: Nigeria’s Crude oil production hits 1.6m bpd…

Oil marketers in Nigeria have said local refining will save at least N70 per litre off petrol price when it becomes fully operational. The National Controller of Operations, the Independent Petroleum Marketers Association of…

The House of Representatives has resolved to constitute an Ad-hoc Committee to investigate crude oil theft, with a view to curb economic loss to the country. The investigation is to ensure that everyone complicit in crude oil theft is…

Oil prices have surged after OPEC+ producers announced a surprise round of outpt cuts.  Brent oil futures jumped $4.30 to $84.19 a barrel on news output would be cut by about 1.16 million barrels per day, while US crude climbed $4.17…

The Nigerian Government has identified new oil fields capable of delivering about 681,000 barrels of crude oil per day and 1.52 billion standard cubic feet of gas daily. Nigerian Upstream Petroleum Regulatory Commission (NUPRC) made the…

Nigeria now ranks 7th, down from 5th place on the Organisation of Petroleum Exporting Countries’ (OPEC) crude oil production list, according to its Monthly Oil Market Report for November, 2022. The report examines oil…

The Federal Government has announced it has recovered 230,000 barrels of stolen crude oil since April 1, and arrested 85 suspects and 72 boats. This was disclosed in a statement by the government on Monday evening, citing the success of…