Crude Oil

Nigeria’s external sector improved last quarter (Q3) rising to N1.89 trillion from N1.28 trillion posted in the second quarter (Q2) representing a 47 percent trade surplus quarter on quarter. Expectedly, crude accounted for N8.5 trillion…

Crude oil prices rose Monday, on track for the biggest monthly gains in over a year on expectations of a further tightening in supply and U.S. growth optimism. At 09:05 ET (13.05 GMT), the U.S. crude futures traded 0.8% higher at $81.26…

Oil prices traded up on Tuesday on bargain hunting, recovering some ground from the previous day’s plunge, but gains were limited as investors remained cautious ahead of key policy decisions by the U.S. Federal Reserve and other central…

Saudi Arabian Ministry of Industry and Mineral Resources (MIM) has shortlisted 13 local and international companies for exploration license for the Muhaddad and Ar Ridaniyah sites. The announcement was made in accordance with…

In October, November, and December 2022, Nigeria earned an additional N363 billion from crude oil sales as security in the Niger Delta improved. In October, the country's oil production rose by 1.014 million barrels per day,…

Oil prices fell Thursday, retreating from a three-week high, weighed by weak Chinese economic data and a stronger dollar, dimming the outlook for demand growth. By 09:10 ET (13:10 GMT), U.S. crude futures traded 1.5% lower at $88.64 a…

The Chief of the Naval Staff, Vice Admiral Awwal Gambo, said that naval operations has led to the deactivation of over 216 illegal refining sites in the last five months, Gambo, who spoke exclusively on Channels Television’s NewsNight…

Lagos Chamber of Commerce and Industry (LCCI) has said that Nigeria lost $3.2 billion to crude oil theft between January 2021 and February 2022. The chamber's Oil Producers Trade Section, and the Independent Petroleum Producers Group…

President of the Senate, Ahmad Lawan, on Thursday, constituted a 13-member Adhoc Committee to investigate oil theft in Nigeria and its impact on petroleum production and oil revenues. The composition of the panel was announced on the…

Brazil jumped to China’s third-biggest crude oil supplier in September, import data showed on Sunday, as China’s independent refiners scooped up cheap supplies of the South American exporter’s relatively high quality oil. Imports…