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
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
June 23, 2025 – Lagos/Washington – A new report released by global investment banking firm Goldman Sachs has projected that the price of Brent crude oil could surge to $110 per barrel if tensions in the Middle East escalate to the point where Iran blocks the Strait of Hormuz, a key global oil shipping route.
Abuja, Nigeria – June 11, 2025 The Federal Government has responded to recent media reports regarding a potential forward sale of crude oil by the Nigerian National Petroleum Company Limited (NNPC Ltd), clarifying that no final decision has been made on the matter. In a statement issued by the Director of Information and Public Relations
Turkey’s foremost oil refining company, Tupras, has ordered shipments of Nigerian crude oil for delivery in March and April, a development that could significantly bolster Nigeria’s export earnings as the country intensifies efforts to fund its 2025 budget through increased oil sales. According to shipping intelligence sourced from global commodities tracking firm Kpler, while the
Oil prices experienced a sharp decline this week, dropping to $65 per barrel, the lowest level seen since 2021. This significant fall in crude prices comes as a result of several global economic factors, including new import tariffs imposed by the United States and an unexpected increase in oil supply from OPEC+ nations. These developments
Nigeria’s crude oil grades are experiencing low demand in the April trade cycle, with European buyers opting for lower-priced alternatives. According to a report by Argus Media, an independent energy and commodity price benchmarks provider, the trade cycle has shifted to May, leaving 15 April-loading Nigerian cargoes without buyers.The report attributed the low demand to
Seven vessels carrying Premium Motor Spirit (PMS), commonly known as petrol, are expected to arrive at Nigerian seaports between Monday, March 17, and Sunday, March 23, as efforts continue to stabilize fuel supply across the country. According to a document obtained from the Nigerian Ports Authority (NPA) on Thursday, these vessels will deliver a combined
