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Higher crude flows failed to lift the bottom line for the Nigerian National Petroleum Company Limited in May 2026, as the state oil firm recorded a profit after tax of N462 billion, down from the N481 billion posted in April, despite pumping its most crude in nearly a year. The company’s Monthly Report Summary…
Nigeria exported an estimated 148.9 million barrels of crude oil valued at N20.22 trillion during the first five months of 2026. This financial windfall comes despite persistent domestic challenges in hitting headline production targets. International oil prices surged following a geopolitical conflict in the Middle East that restricted passage through the Strait of Hormuz. High…
Nigeria’s fiscal prospects have brightened as the price of its premium crude grades, Brass River and Qua Iboe, soared to $113 per barrel on Thursday. This valuation places Nigerian oil significantly above the international Brent benchmark, which currently trades at $96 per barrel. The surge coincides with a jump in domestic production, which has reached…
Legal experts and stakeholders are weighing in on President Bola Tinubu’s recent executive order that halts revenue deductions by the Nigerian National Petroleum Company Limited and other agencies, highlighting tensions between presidential authority and legislative supremacy under Nigeria’s 1999 Constitution. The directive, aimed at curbing what the administration views as excessive deductions from oil…
