Nigeria’s latest petrol price debate has shifted from whether President Bola Tinubu should reduce fuel prices to a more fundamental question: how much control does the Federal Government actually have over the pump price? Minister of State for Petroleum Resources, Heineken Lokpobiri, said on Tuesday, September 22, that the Tinubu administration cannot directly increase or…
US President Donald Trump has announced what he called the “biggest oil deal in world history”, saying the US Venezuela oil deal gives American interests majority control of more than 65 billion barrels of Venezuela’s proven oil reserves. The announcement could reshape the relationship between Washington and Caracas while giving US companies a major role…
The continuing conflict involving Iran is creating a strange situation in the global energy market: oil companies are making much more money at the same time that higher energy prices are putting pressure on consumers and businesses. Saudi Aramco, ExxonMobil and Chevron are among the major energy companies benefiting from the sharp changes in oil…
Global oil prices fell sharply on Monday, July 27, after the United States and Iran paused military strikes, easing fears of a prolonged conflict in the Middle East and reducing concerns over disruptions to global energy supplies. Brent crude, the international benchmark, dropped by 5.9% to around $91.08 per barrel, while West Texas Intermediate (WTI)…
Global energy markets remain on edge as escalating conflict in the Middle East and renewed disruptions to key shipping routes continue to drive oil prices higher, with Brent crude hovering around the $100-per-barrel mark after briefly surpassing the milestone this week. The latest surge has been fueled by growing concerns over the security of vital…
The Federal Government is pushing ahead with plans to expand Nigeria’s oil reserves and crude production while the Central Bank of Nigeria (CBN) maintains a cautious monetary policy stance to keep inflation under control. At the ongoing Nigeria 2025 Licensing Round in Abuja, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) concluded the commercial bidding process…
The Dangote Petroleum Refinery has begun selling petrol and other refined petroleum products in U.S. dollars, marking a major shift in Nigeria’s downstream oil market following the breakdown of the Federal Government’s naira-for-crude arrangement. Under the new pricing template, the refinery fixed the ex-depot price of petrol at $0.779 per liter, with diesel priced at…
Nigeria’s economic outlook received a boost as the naira traded at ₦1,382.33 per US dollar at the official foreign exchange market, while the country’s crude oil production climbed to its highest level in 74 months, exceeding its production quota set by the Organization of the Petroleum Exporting Countries (OPEC). According to the latest figures from…
Tensions in the Middle East have escalated sharply after the United States launched a fresh wave of military strikes against Iranian targets, prompting Tehran to declare the strategic Strait of Hormuz closed until further notice. According to U.S. Central Command, the strikes targeted Iranian air defence systems, missile sites, radar installations and naval assets following…
Global oil prices extended their rally on Wednesday as escalating tensions in the Middle East raised fresh concerns over crude supply, pushing Brent crude above $76 per barrel for the first time in two weeks. The latest surge follows renewed military hostilities involving the United States and Iran, along with disruptions to commercial shipping in…
