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Pipeline Vandalism Rises By 26.5%
Pipeline vandalism across the country has continued to increase, despite lack of activities at the nation’s four refineries, with over 151 pipeline points in the first quarter of 2021. This is a surge of 26.5 percent when compared to 111 pipeline points recorded in the corresponding period of 2020. It was gathered that within the…
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Nigeria Crude Oil Production Averaged 1.451 mb/d In September
The Organisation of the Petroleum Exporting Countries has said that Nigeria’s crude oil production averaged 1.451 million barrels per day in September 2021. OPEC made this known in its Oil Market Report for October 2021s saying that it is an increment of 156 barrels per day when compared to the 1.296 million barrels per day…
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Fuel Imports Gulp $690m In Eight Months
Latest data from the Central Bank of Nigeria has shown that the foreign exchange used for fuel imports from January to August in 2021 fell by 34.79 percent from $930.31m in the same period of 2020. This development is coming despite the idleness of the refineries to produce fuel and forex scarcity in the country…
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Nigeria Lost N221.64bn In July To Oil Production Incidents
In July, a total of 7,193,520 barrels of crude oil was lost due to about 39 production shut-in incidents. This is according to the latest figures released by the Nigerian National Petroleum Corporation, which gave the analysis in the September 2021 presentation of the NNPC to the Federation Account Allocation Committee. The corporation showed that…
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Nigerians Used 1.74 Billion Litres Of Petrol In August
In August, the Petroleum Products Pricing Regulatory Agency said about 1,735,624,740 litres of Premium Motor Spirit (petrol) was distributed nationwide. From the analysis, the volume of PMS supplied across the country in the month of August showed a decrease of about 132,301,071 litres when compared to the 1,867,925,811 litres supplied in the month of July.…
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Nigeria’s Oil Reserves Drops By 543 million Barrels
The Organization of Petroleum Exporting Countries in its 2021 Annual Statistical Bulletin has reported a drop of 543 million barrels in the crude oil reserves of Nigeria. Figures on world proven oil reserves by country indicated that Nigeria’s oil reserves dropped from 37.453 billion barrels in 2016 to 36.910 billion barrels in 2020. Further analysis…
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Oil Price Rises To A Three-Year High At Nearly $80 Per Barrel
Oil price has continued to climb as demand recovers faster than was predicted. The global benchmark Brent is up at nearly $80 a barrel, its highest price since October 2018. Brent crude was up 1.73 percent to $79.44 a barrel by 4:06 pm ET (21:06 WAT), having posted three straight weeks of gains. United States…
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Daily Fuel Consumption Jumps To 72 million litres
In the month of May, petrol consumption in the country jumped from 55.59 million litres a day in April to 72.07 million litres per day. This means that within the period, the country’s daily consumption of petrol increased by 29.65 per cent between April and May. Data obtained from the Nigerian National Petroleum Corporation monthly…
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NNPC Earns $219.75m From Crude Oil, Gas In May
The Nigerian National Petroleum Corporation has said it recorded a total of $219.75 million from crude oil and gas export sales in May 2021. This represents a 180.29 percent increase in sales from April 2021. This is contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a…
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OPEC+ To Revive Oil Production As Prices Bounce Back
The OPEC coalition led by Saudi Arabia and Russia is expected to press on with the planned revival of oil production, as prices bounce back from their August downturn. The coalition is gradually restoring the vast amount of crude production halted during the pandemic, and will probably ratify the next monthly instalment when it gathers on…