The exit of the United Arab Emirates (UAE) from the Organisation of Petroleum Exporting Countries (OPEC) has raised concerns about its impact on global energy markets, especially for oil-dependent economies like Nigeria. While the UAE’s move is largely informed by its shift toward expanding production capacity and diversifying its economy, analysts say the implications could …
The United Arab Emirates (UAE) has announced its decision to withdraw from the Organisation of Petroleum Exporting Countries (OPEC) and the wider OPEC+ alliance. The Gulf state made this known on Tuesday, April 28, saying it takes effect May 1, 2026. The decision marks a significant shift in global energy geopolitics, as the UAE was …
Nigeria’s crude oil production rose to 1.459 million barrels per day in January 2026, up by 37,000 bpd when compared to December 2025 production of 1.422 million bpd. This is according to the Organisation of the Petroleum Exporting Countries’ (OPEC) February 2026 Monthly Oil Market Report (MOMR) released on Wednesday, February 11. While the output …
British prosecutors have accused Diezani Alison-Madueke, Nigeria’s former minister of petroleum resources, of accepting bribes in the form of luxury goods and the use of high-end properties from industry figures seeking oil contracts. The allegations were presented on Tuesday at the Southwark crown court in London as Diezani ’s trial continued. She is standing trial …
Global crude oil prices surged on Tuesday as escalating unrest in Iran, coupled with potential supply disruptions, overshadowed expectations of increased crude output from Venezuela. Brent crude futures rose $1.06, or 1.7%, to $64.93 a barrel by 0934 GMT, marking their highest level since mid-November. U.S. West Texas Intermediate (WTI) crude climbed $1.02, or 1.7%, …
There are concerns that the crisis in Venezuela presents a significant risk for Nigeria’s 2026 budget and the broader economy. While Venezuela and Nigeria are geographically distant, they are direct competitors in the global oil market. After months of tactical preparations, the United States invaded Venezuela during the weekend. The U.S. military force launched strikes …
The Nigerian National Assembly has experienced a legislative discrepancy, as the Senate and the House of Representatives approved different crude oil price benchmarks for the 2026–2028 Medium Term Expenditure Framework (MTEF). While both chambers agree on many macroeconomic targets, the disagreement over oil prices, which is the major source of Nigeria's foreign exchange earnings, highlights …
Nigeria is to keep its 1.5 million barrels per day oil production as the Organisation of Petroleum Exporting Countries (OPEC) has decided to maintain current crude output levels for member countries until March 2026. The oil producers group took the decision during the 40th OPEC and non-OPEC Ministerial Meeting held on Sunday, November 30, where …
Oil prices dropped on Thursday, extending losses from the previous session, as rising U.S. crude inventories and a shift in OPEC’s supply outlook raised concerns about global oversupply. Brent crude fell 20 cents to $62.51 a barrel, while U.S. West Texas Intermediate dropped 24 cents to $58.25 a barrel. U.S. crude stockpiles rose by 1.3 …
Oil prices steadied on Monday as optimism over a possible trade deal framework between the United States and China helped counter persistent concerns about weak global crude demand. Brent crude futures slipped by 14 cents, or 0.2%, to $65.70 per barrel at 12:27 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 9 cents to …
