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OPEC confirms Nigeria’s crude oil output increase by 25,000bpd in June
Organisation of Petroleum Exporting Countries (OPEC) has confirmed that Nigeria’s crude oil production rose by 25,000 barrels per day (bpd) from 1.530 million barrels per day (mbpd) in May 2026 to 1.555mbpd in June. According to the Monthly Oil Market…
NERC boss blames Nigeria’s electricity challenges on systemic dysfunction
Nigerian Electricity Regulatory Commission (NERC) has said that the country’s electricity challenges go beyond generation, transmission and distribution to a structural dysfunction in the system. According to the NERC, the country’s electricity challenges rather stem from the inability of the…
Crude oil output up by 2.3% to reach 1.74mbpd, as Nigeria tops OPEC quota for second consecutive month
Nigeria’s average daily crude oil and condensate production rose by 2.3 per cent to 1.74 million barrels per day (mbpd) in June 2026 from 1.70mbpd recorded in May, while crude oil output climbed to 1.56mbpd, enabling the country to exceed its…
Shell exits S/Africa’s downstream sector, sells off 580 feel stations to Abu Dhabi firm
British energy giant Shell has announced a deal to sell its South African downstream business, including 580 fuel stations, to the Abu Dhabi National Oil Company (ADNOC). Shell said the sale, valued at about $1 billion (£21 billion), formed part of…
Three marketers seek joining as parties in Dangote’s N100bn against FG over fuel import permits
Three major petroleum products marketers; Matrix Energy, AA Rano and AYM Shafa have applied to be joined as parties to the fresh lawsuit filed by Dangote Petroleum Refinery seeking N100 billion in damages from the Federal Government over the latter’s…
NNPCL/Seplat JV signs 15-yr supply deal with UTM FLNG to drive commercialisation of Nigeria’s gas
Nigerian National Petroleum Company Limited (NNPCL) and the Seplat Energy Producing Nigeria Unlimited (SEPNU) Joint Venture (JV) has signed a 15-year Wet Gas Sale and Purchase Agreement (WGSPA) agreement with the UTM FLNG Ltd with the aim of driving the commercialisation…
NMDPRA tackles petroleum products marketers over price fixing
Industry regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has restated that the country’s petroleum products market remains fully deregulated, stressing that fuel prices are now largely determined by prevailing market forces. Speaking in Sokoto, the State Coordinator…
Amid local supply gaps, marketers, refineries export 505, 000 tons of petrol, diesel, earn $432.35m in one month
Shipping data obtained from the Nigerian Ports Authority (NPA) has disclosed that an estimated 505,000 tonnes of Premium Motor Spirit (PMS) or petrol, and Automotive Gas Oil (AGO) or diesel worth $432.35 million was exported by marketers and local refineries to…
Oil sector drives Nigeria’s current account surplus to reach $5.0bn in Q1 2026
According to the Central Bank of Nigeria (CBN), the country’s Balance of Payments (BoP) recorded a current account (CA) surplus of $5.0 billion in the first quarter of 2026, significantly higher than $1.4 billion in the fourth quarter of 2025 and…
Discos’ energy offtake drops by 8.6%, as FG incurs N358.3bn in tariff subsidy debt Q1, ’26
Nigerian Electricity Regulatory Commission (NERC) has disclosed that the federal government incurred an electricity tariff subsidy of N358.32 billion in the first quarter of 2026. NERC, which made the disclosure in its First Quarter 2026 Report released, Monday, explained that the…
