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Nigeria has pledged its total commitment to OPEC and the OPEC+ alliance. This move follows the departure of the United Arab Emirates (UAE) from the oil cartel on 1 May 2026. Officials in Abuja spent Friday insisting that collective action remains the best way to handle market volatility. They claim that the Declaration of Cooperation…
The Nigerian National Petroleum Company Limited (NNPCL) has reported a decline in oil production for February 2026, even as monthly revenues saw a modest increase. Output fell to 1.51 million barrels per day (mbpd), a notable slide from the 1.64 mbpd achieved in January. This dip highlights the persistent volatility in Nigeria’s upstream sector despite…
Global oil price hikes could drive Nigeria’s headline inflation up by 3.1 percentage points as the Middle East conflict continues to batter energy markets. In its latest Nigeria Development Update, the World Bank warned that the conflict has pushed crude prices to $80 per barrel, a 31% increase since hostilities began. This surge is already…
