Nigeria’s oil production declined by nine per cent month-on-month to 1.483 million barrels per day (bpd) in February 2026, down from 1.627 million bpd recorded in January. This is according to the latest report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which tracks crude oil and condensate production. On a year-on-year basis, output also …
Nigeria’s supply of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, declined by 8.5 per cent month-on-month to 4.7 metric tonnes per day in February 2026, down from 5.1 metric tonnes recorded in December 2025. This is according to the latest factsheet released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the completion of the pre-qualification stage of the 2025 Licensing Round and shortlisted bidders for the 50 oil blocks offered by the Commission. It said it has notified successful pre-qualified applicants. NUPRC made this known in a statement released on Tuesday, March 17, signed by the …
Oil prices have further surged as the ongoing conflict in the Middle East continues to disrupt supply chains, particularly through the Strait of Hormuz. After a brief dip on Monday, March 16, prices rebounded sharply on Tuesday, March 17, as attacks ravaged parts of the Gulf region, raising more fears of supply disruption. According to …
The recent escalation of conflict in the Middle East, involving the US, Israel, and Iran, has highlighted the vulnerability of Nigeria to global energy shocks despite being a major oil producer, as fuel prices. The conflict has once again highlighted a significant paradox in the Nigerian economy: while a rise in global crude prices (now …
The Centre for the Promotion of Private Enterprise (CPPE) has outlined measures businesses and government can adopt to cushion the impact of rising petroleum product prices. CPPE Chief Executive Officer Muda Yusuf made the recommendations in an advisory note issued on Sunday, March 15. He warned that the escalating cost of energy could further strain …
In a significant shift in Nigeria’s energy consumption landscape, Automotive Gas Oil (AGO), also known as diesel, recorded an increase in consumption, while the usage of Premium Motor Spirit (PMS), commonly known as petrol, saw a notable decline in February 2026. This is according to the latest Factsheet released by the Nigeria Midstream and Downstream …
Nigeria’s oil sector faced a significant gross oil revenue shortfall of approximately ₦24.47 trillion over the 2024 and 2025 fiscal years, Pinnacle Daily’s analysis has shown. This gap stems from the disparity between the ambitious revenue projections set in the national budgets of 2024 and 2025 and the actual receipts collected by the federation. The …
As the Middle East conflict continues to cause global disruption of crude oil supply and prices hovering around $100 per barrel, there have been calls for the Nigerian government to stop crude exports and prioritise supply to Dangote Refinery to boost domestic supply of refined products. Energy expert and chief economic strategist, ECOWAS Commission, Prof …
President Bola Tinubu has approved the Final Investment Decision (FID) on the Bonga Southwest deepwater project, estimated to attract about $20 billion in Foreign Direct Investment into Nigeria. This marks a significant step in Nigeria’s quest to attract strategic investments and accelerate sustainable economic growth. According to a statement by Andy Odeh, Chief Corporate Communications …
