Seven OPEC+ countries agreed on Sunday to increase oil production by 188,000 barrels per day (bpd) in August 2026. The decision was reached during a virtual meeting of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman to review global oil market conditions and the outlook. The production adjustment stems from the additional voluntary cuts…
The Nigerian National Petroleum Company Limited has said the recently signed Memorandum of Understanding with Chinese firms for the rehabilitation and operation of the Port Harcourt and Warri refineries has entered a rigorous evaluation phase, insisting that the arrangement is aimed at creating profitable and self-sustaining refining assets. The Group Chief Executive Officer of NNPC…
Transmission Company of Nigeria, TCN, Abuja Region has announced a planned preventive maintenance at the Katampe 132/33 KiloVolt (kV) Transmission Substation on Saturday from 9:00am to 4:00pm. General Manager, Public Affairs of the TCN, Mrs Ndidi Mbah, made this announcement in a statement in Abuja on Saturday. Mbah said the scheduled maintenance is to enable…
The Federal Government has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, to ensure petroleum marketers do not exploit Nigerians through excessive pricing under the deregulated downstream petroleum market. Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, gave the directive in Abuja while delivering the keynote address at the NMDPRA General…
The Dangote Petroleum Refinery has purchased two cargoes of crude oil from the United Arab Emirates, UAE. S&P Global Commodity Insights reports that the latest crude import from the UAE is the first-ever procurement of Middle Eastern crude as the plant expands its feedstock sources amid persistent domestic supply constraints from Nigerian National Petroleum Company…
The price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has dropped by 31.8 per cent from a peak of about per kilogramme to N1,500/kg, bringing much-needed relief to Nigerian households. President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), Edu Inyang attributed the drop to sustained engagements among industry stakeholders,…
The Transmission Company of Nigeria, TCN, has confirmed a major disruption in electricity supply affecting the Lagos power network following a voltage instability on the national grid on Thursday morning. According to the company, the incident occurred at about 8:19 a.m. when a sudden voltage fluctuation developed within the national grid system and quickly spread…
Nigeria’s gross gas production has risen to 7.63 billion standard cubic feet per day from about 6.83 billion standard cubic feet per day in 2023, the Presidency has said. Special Adviser to the President on Oil and Gas, Mrs Olu Verheijen, disclosed this at the Nigerian-British Chamber of Commerce Energy Day 2026. A text of…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says liquefied petroleum gas (LPG) wholesalers and retailers are charging non-cost reflective prices, pushing cooking gas prices as high as N2,100 per kilogram despite significantly lower indicative prices issued by the regulator. The authority disclosed this in a presentation delivered by Rabiu Umar, chief executive officer…
Crude oil prices have dropped globally, but fuel prices and transport fares in Nigeria remain unchanged. Also there are heightened concerns among Nigerians over the implication of that on their purchasing power and inflation in the country. Stakeholders are now calling for a cut at the pump, while marketers say Nigerians should be patient as…
