Tag
CRUDE OIL
Nigeria's crude oil production dropped to 1,294,162 barrels per day in July 2023.
The Nigerian Navy has clarified that the vessel intercepted by Tantita Security Services Limited (TSSL) was not stolen crude oil.
Crude oil supplies across the world are falling as demand outpaces supply. This is according to a July 31 report from Reuters.
NBS reported that the average price for Premium Motor Spirit (PMS) advanced by 129.23% m/m and 210.31% y/y to N545.38/litre from the average price of N238.11/litre and N175.89/litre in May 2023 and June 2022 respectively.
CORAN, has emphasized that supporting modular refineries will provide Nigerians with access to more affordable fuel.
The National Upstream Petroleum Regulatory Commission (NUPRC) reported that Nigeria’s crude oil production came in at 1.48mbpd in June 2023 (inclusive of 55,088bpd and 176,030bpd of its blended and unblended condensates respectively).
A Nigerian National Petroleum Company Limited report has outlined some details of the company’s fight against crude oil theft and illegal refining activities in Nigeria.
Gabriel Tanimu Aduda, Nigeria’s Permanent Secretary at the Ministry of Petroleum Resources has said that by November 2023, Nigeria would be producing up to 1.7 million barrels per day of crude oil.
President Bola Ahmed Tinubu has intervened in the crude oil shipping back taxes controversy in order to address tank owners' avoidance of the country.
Nigeria has reclaimed its position as the top African crude oil producer for May 2023, producing 1.184 million barrels per day according to OPEC data.
Two crude types are currently being blended to produce a cheaper Nigerian crude lookalike and this has reduced demand for Nigerian crude.
By July 2023, Nigeria’s crude oil production will reach 1.8 million barrels per day and 2 million barrels per day by December 2023.