30 results
- 6 Jun 2016
Stumbling Dollar, Nigeria Sabotage Push Crude Oil $50 P/Barrel
Brent crude oil prices rose to $50 a barrel early this morning, lifted by a plunge in the U.S.-dollar that could spur demand, just as ongoing attacks on oil infrastructure in Nigeria tighten…
- 29 Dec 2017
NNPC To Complete Automation of Crude Oil Marketing Operations in 2018
By peter oluka The Nigerian National Petroleum Corporation (NNPC) has indicated that the automation of all transactions involving the supply, marketing and sale of the various grades and blends of…
- 30 Oct 2020
Fresh Concerns in Nigeria as Crude Oil Price Slumps below $40
The price of Brent, the benchmark for Nigeria’s crude oil, fell below $40 per barrel to a four-month low of $37 on Thursday, raising fresh fears of another price collapse as countries in Europe…
- 12 Nov 2013
Marginal Field Operators Warn of Crude Oil Production Crash
Crude theft may wreck the marginal field operation in Nigeria’s multi-billion dollars oil and gas industry if nothing urgent is done, operators of the marginal fields cried out on Monday. 18 of the…
- 15 Jan 2015
Crude Oil: A Sudden Tumble
The major headline-catching storyline throughout the latter half of 2014 and even the opening week of 2015 has been the dramatic plummet in oil prices, with Crude having declined by around 50% since…
- 15 Jul 2016
ExxonMobil Declares Force Majeure on Nigeria's Qua Iboe Crude Oil
ExxonMobil subsidiary Mobil Producing Nigeria has declared force majeure on exports of Nigeria's Qua Iboe crude oil, the country's largest export stream, a spokesman said on Friday. The declaration…
- 5 Jun 2014
US Dumps Nigeria Crude Oil
United States of America (USA) has finally stopped importation of crude oil from Nigeria, this is sequel to the discovery of Shale oil and gas in commercial quantity. Mrs. Diezani…
- 2 Jul 2013
Organised Criminals Take over Crude Oil Theft
Mr. Mutiu Sunmonu, managing director, Shell Petroleum Development Company of Nigeria (SPDC), has blamed well-financed and highly organised criminals for crude oil theft in the Niger Delta, saying…
- 28 Oct 2013
Crude Oil Theft is New Face of Terrorism — Alison-Madueke
Mrs. Diezani Alison-Madueke, minister of Petroleum Resources, has declared that the grave phenomenon of oil theft and its global support system represents another face of terrorism which has…
- 30 Oct 2020
Chevron to Embark on More Job Cuts over Crude Oil Price Collapse
Chevron is considering more job cuts as it announced that it will lay off about 25 per cent of Noble Energy’s employees who joined the company after its $4.1 billion purchase of the smaller rival…
- 2 Aug 2022
Shell to Acquire Drones to Check Crude Oil Theft in Niger Delta
Shell Petroleum Development Company (SPDC) has said it will acquire drones to monitor its pipelines and wellheads in the Niger Delta region. Igo Weli, SPDC’s general manager, External Relations, who…
- 25 Oct 2013
Govt Agencies Connive with Culprits to Steal Nigeria’s Oil
The troubling and perceived pertinacious inaction by the government to curb the problem of oil theft in the country has been linked to some government agencies’ connivance with crude oil thieves.…
- 28 Jul 2024
Dangote Refinery to Import Crude from Brazil, America by August
Dangote Refinery has concluded plans to supply crude oil from Brazil and the United States of America by August this year to complement it’s refining capacity. Rabi’u Umar, chief commercial officer,…
- 17 Apr 2013
Nigeria Loses $1.23Bn to Oil Thieves
Nigerian National Petroleum Corporation (NNPC), yesterday said that Nigeria $1.23 bilion to oil theft and vandalism in the first quarter of this year; adding that crude oil theft has continued to…
- 2 Dec 2014
Nigeria in Big Trouble as Oil Prices Plummet to Record Lows
Brent crude oil price dipped to a five-year low and reached $67.17 on Monday, which is the fastest dive since the year 2008, according to official figures. Prior to Monday’s five-year record low, the…
- 24 Mar 2026
Refining Without Relief: How Global Oil Wars, Market Structure, and Monopoly Risks Still Drive Fuel Prices in Nigeria
By Blaise Udunze The vision was bold. The expectation was clear. And the promise was powerful. When the Dangote Refinery began operations, it was hailed as Nigeria’s long-awaited escape from decades…
- 11 Dec 2013
Presidency Wades into CBN, NNPC Feud over Missing N8Tr
President Goodluck Jonathan on Wednesday waded into the bickering between the Nigerian National Petroleum Corporation (NNPC) and the Central Bank of Nigeria over the missing $49.8 billion oil…
- 23 Apr 2016
Hope Rises as Crude Hit $46/Barrel High
Crude oil prices hit a year-record high of $46 a barrel yesterday, giving Nigeria a buffer of $8 over its $38 a barrel 2016 budget benchmark, a feat, which it has not attained since January.…
- 9 Apr 2014
Nigeria’s Crude Export to US Depreciates by 91%
The negative effect of shale oil exploration in the United Stated of America, USA, and other parts of the world is already telling on Nigeria as her crude oil export to North America dropped by 91.31…
- 6 Nov 2025
Senate Committee Says $300Bn Lost to Oil Theft
The Senate ad hoc committee investigating persistent crude oil theft in the Niger Delta has disclosed that a forensic audit conducted by independent consultants revealed that suspected oil thieves…
- 3 Mar 2015
Lamudi Reflects On Impact of Oil Prices on Nigerian Real Estate
Changes in the price of crude oil and the resulting currency devaluation have had a significant impact on the Nigerian economy. With a 70 percent dependency on crude oil for external revenue, the…
- 21 Jun 2013
Nigeria Loses N2.4Bn Daily to Shut Oil Pipeline
Nigeria may face severe financial difficulties in the months ahead as crude oil production has dropped further by 150,000 barrels per day due to the shut of the Trans Niger Pipeline (TNP) following…
- 6 Jan 2020
What Will 2020 Hold for the Nigerian Economy?
By Lukman Otunuga, Senior Research Analyst at FXTM, 2019 was a rough year for the Nigerian economy thanks to volatile crude Oil prices and the headwinds not only coming from global recession risks…
- 3 Jan 2019
FG May Hike Pump Price, Devalue Naira, Others This Year
FSDH Research, trusted providers of market intelligence has said that certain key events, both at the global level and in Nigeria, will influence economic and business activities in 2019. FSDH…
- 7 Nov 2023
How Nigeria Lost N4.3tn to Oil Theft in Five Years – NEITI
Nigerian government revealed on Monday, that over N4.3 trillion worth of crude oil was lost to oil theft in 7,143 pipeline vandalism cases within five years. This was disclosed at the Nigeria…
- 13 Dec 2012
State Governors Demand $1Bn from Oil Savings
Governors of the 36 states in the country have demanded a $1 billion payout from the country’s crude oil savings account to fund projects in their states. Mukhtar Shagari, deputy governor of Sokoto…
- 4 Jun 2013
SPDC Worries as Nigeria Loses $1.6Bn Annually to Oil Thieves
The Shell Petroleum Development Company (SPDC) has expressed concern over the activties of crude oil thieves and illegal refineries operators in the Niger Delta saying the country is losing $1.6bn…
- 9 May 2013
Oil and Gas Workers Fret Over Falling Oil production
Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) said it is worried about the drop in crude oil production in the country since the first quarter of the year. The union stated also…
- 20 Mar 2015
Nigeria Loses $33m Daily to Oil Thieves
Wale Tinubu, chairman of Oando Energy Resources, has said that Nigeria may be losing about $33 million daily to theft as the activities of oil thieves have risen from 400,000 barrels per day, bpd to…
- 28 Aug 2015
Shell Declares Force Majeure on Bonny Light Crude Exports
Shell's Nigerian unit, Shell Petroleum Development Company (SPDC), declared force majeure on Bonny Light crude oil exports on Thursday after shutting down two key pipelines in the country due to a…