Oil prices drifted sideways on Thursday, leaving traders to balance the faint promise of movement on peace talks between Russia and Ukraine against the drag of Western sanctions on Moscow’s …
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Markets
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In the NewsMarketsOil & Gas
NNPCL Posts Record N5.4 Trillion Profit as Revenue Surges on Weaker Naira
KEY POINTS The Nigerian National Petroleum Company Limited, NNPCL, has reported another year of sharp financial growth, declaring a profit after tax of N5.4 trillion for 2024, more than double …
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In the NewsMarketsOil & Gas
TotalEnergies Lifts Stake in Nigeria’s OPL 257 to 90% After Asset Swap with Conoil
KEY POINTS TotalEnergies has strengthened its position in Nigeria’s deepwater portfolio after reaching a new agreement with Conoil Producing Limited that shifts ownership across two offshore blocks. The French energy …
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KEY POINTS Nigeria’s petroleum marketers are considering stepping back from fuel importation after the Dangote Petroleum Refinery took another slice off its ex-depot price, shifting the balance of competition in …
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In the NewsMarketsOil & Gas
Nigeria Moves 12.6 Million Barrels to Local Refineries as Dangote Plant Takes Lion’s Share
KEY POINTS Nigeria has delivered more than 12 million barrels of crude oil to domestic refineries since the start of 2025, a volume that places the Dangote Refinery firmly at …
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KEY POINTS Nigeria’s crude oil output in October reached 1.401 million barrels per day, marginally higher than September’s 1.39 million barrels per day, according to the latest Organisation of Petroleum …
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In the NewsMarketsOil & Gas
Senate Orders NNPCL to Refund ₦210 Trillion as Nigerians Question Transparency in Oil Revenue
KEY POINTS The Nigerian Senate has ordered the Nigerian National Petroleum Company Limited, NNPCL, to refund ₦210 trillion to the Federation Account after rejecting the company’s explanations over the unaccounted …
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In the NewsMarketsOil & Gas
Dangote Price Cut Shakes Nigeria’s Fuel Market as Marketers Mull Ending Imports
KEY POINTS Petroleum marketers across Nigeria are rethinking their import plans after the Dangote Petroleum Refinery slashed its ex-depot price for petrol by N49 per litre, a move that could …
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KEY POINTS Oil prices fell on Wednesday as fresh signs of oversupply rekindled market fears of a global glut, dragging Brent crude below $64 per barrel and pushing West Texas …
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In the NewsMarketsOil & Gas
Nigeria Loses N57 Billion to PENGASSAN Strike as Oil Output Falls by 200,000 Barrels Daily
KEY POINTS Nigeria’s economy has taken another hit as the recent nationwide strike by senior oil workers, PENGASSAN, caused massive disruptions in crude oil production, gas supply, and electricity generation. …