Nigeria plans to resume local refining of crude oil in early August, national petroleum authorities announced Monday.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday said crude oil production increased by 31,629 barrels per day (b/d) from 1.4mb/d in May 2024 to 1.5mb/d in June 2024. This was contained in its June 2024 Oil Production Status Report that the Commission released on its website.
Nigeria’s daily oil production rose by 25,000 barrels per day, increasing from 1.251 million barrels per day in May to 1.276mbpd in July.
Nigeria’s fuel shortage appears to have worsened, yesterday, as filling stations ran out of stocks, thus shutting their gates against motorists and other users of the product.
The Nigerian Union of Petroleum and Natural Gas Workers, NUPENG and the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN have called on President Bola Tinubu to initiate an investigation into allegations that International Oil Companies are plotting to undermine the Dangote Refinery and Petrochemicals.
Nigeria, the biggest oil producer in Africa, is considering ways to curb soaring inflation, including by giving the central bank powers to use gold to boost reserves.
Nigeria’s upstream oil regulator has approved two key onshore assets sale by international oil companies, clearing the way for Oando and new entrant Project Odinmim, to acquire assets, the head of the agency, Gbenga Komolafe, said on Wednesday.
Reports say the Nigerian National Petroleum Company Limited, NNPCL, has declared a state of emergency on crude oil production.
Italian energy group Eni SpA is looking to raise more than €4 billion ($4.3bn) from disposals in its global upstream business, people familiar with the matter said.
All eyes are fixed on US inflation data as crude oil prices have maintained their hot streak and are set to end this week with a third weekly gain. Surging geopolitical tensions around Israel and Lebanon have overshadowed slackening economic data from the US in May, with every single day this week posting a day-on-day increase and Brent set to finish the week at $87 per barrel.