Nigeria’s crude oil production has increased by more than 80 per cent since 2023, reaching 1.824 million barrels per day including condensate, according to Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri. Lokpobiri disclosed the figure during an interaction with selected media organisations in Yenagoa, Bayelsa State, where he discussed developments in Nigeria’s oil…
Nigeria’s crude oil production witnessed a notable boost in June 2025, reaching 1.505 million barrels per day (mb/d) — a significant milestone that finally aligns with the country’s current quota under the Organization of the Petroleum Exporting Countries (OPEC). This increase marks the first time in years that Nigeria has successfully met the OPEC benchmark,…
Nigeria, Africa’s top oil producer, is facing a worrying scenario as a large volume of its crude oil remains unsold just weeks before scheduled shipments. With over 80 million barrels of oil — including popular blends like Bonny Light, Forcados, Qua Iboe, and Escravos — still searching for buyers for April and May 2025, the…
Nigeria’s crude oil production took a hit in the first quarter of 2025, reflecting the impact of global price volatility and waning international demand as trade tensions intensify. According to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), daily crude oil output averaged 1.40 million barrels per day (mbpd) in March — a decline…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has thrown its full support behind the Federal Executive Council’s recent decision to continue the implementation of the Naira-for-Crude policy—an initiative the association believes could mark a major turning point for the country’s energy landscape. Speaking with journalists in Abuja, PETROAN’s National Public Relations Officer,…
