News Report – July 23, 2025 In a historic shift, the United States became a net exporter of crude oil to Nigeria for the first time in February 2025, according to newly released international trade data. The reversal in oil trade flow marks a significant development in the global energy market, as Nigeria, traditionally a
The price of Nigerian crude oil has surged closer to the federal government’s 2025 budget benchmark, following a wave of renewed drone attacks on oilfields in Iraq, heightening global supply concerns. This development comes as Iraq faces its fourth round of assaults on key oil infrastructure in recent weeks, triggering volatility in global crude markets.
July 2, 2025 — Global oil prices climbed on Tuesday, buoyed by signs of robust fuel demand amid the summer driving season, even as investors turned their attention to an anticipated decision from OPEC+ that could shape the market’s direction in the coming months. Brent crude futures settled higher at $86.42 a barrel, gaining $1.07,
Abuja, July 2, 2025 — Nigeria’s economy grew at an estimated rate of 3.7% year-on-year during the first half of 2025, buoyed by increased crude oil production and resilient performance in the manufacturing and services sectors, according to a report from Stanbic IBTC Bank based on S&P Global PMI data . Economists attribute the uptick
Abuja, July 2, 2025 — The Federal Government says Nigeria’s current crude oil production stands at approximately 1.745 million barrels per day (bpd) and has confirmed its commitment to raising output to 2 million bpd by the end of 2025. Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), announced the figures at the inauguration of
June 30 2025 – International Desk Global crude oil prices fell sharply on Monday, sliding below $67 per barrel, following Iran’s unexpected decision not to block the strategic Strait of Hormuz, easing concerns over a potential supply disruption in the Gulf region. The development comes amid heightened geopolitical tensions in the Middle East. However, Iran’s
LONDON — Global crude oil prices have plummeted by over 3%, falling below the $70 per barrel threshold, following a ceasefire agreement between Israel and Iran brokered by former U.S. President Donald Trump. The truce, confirmed Tuesday morning, has significantly eased tensions in the Middle East, triggering a rapid decline in geopolitical risk premiums associated
LONDON — Global crude oil prices have plummeted by over 3%, falling below the $70 per barrel threshold, following a ceasefire agreement between Israel and Iran brokered by former U.S. President Donald Trump. The truce, confirmed Tuesday morning, has significantly eased tensions in the Middle East, triggering a rapid decline in geopolitical risk premiums associated
Lagos – June 23, 2025 – The cost of Premium Motor Spirit (PMS), popularly known as petrol, has risen sharply across Nigeria, with MRS Oil Nigeria Plc adjusting its pump price to ₦925 per litre in Lagos and ₦955 in parts of the Southeast, further intensifying concerns over fuel affordability and inflationary pressure. This development
June 13, 2025 Nigeria’s petrol import bill has seen a significant decline, dropping by over ₦2 trillion in the first quarter of 2025, a development attributed to an increase in domestic refining capacity. According to data from the National Bureau of Statistics (NBS), the country spent ₦1.76 trillion on petrol imports between January and March
