Oil & Gas

Global oil prices spiked on Thursday, rising over 5% after U.S. President Donald Trump hinted at increased military action against Iran. This raised concerns about a long-lasting conflict and possible disruptions to global energy supply. The increase in prices reflects growing geopolitical risks in the Middle East, a vital area…

In a notable change in global oil trade, the United States sharply reduced its imports of Nigerian crude oil in January 2026. The volume fell by almost half compared to the previous month. New data from the U.S. Census Bureau show that U.S. crude purchases from Nigeria fell by 47.16%…

Nigeria’s economy is once again facing two powerful forces: foreign exchange (FX) reforms and rising global oil prices. While these changes usually signal relief for Africa’s largest oil producer, the situation in 2026 is more complex. This explainer looks at what these shifts mean for growth, inflation, businesses, and everyday…

Oil marketers in Nigeria are sounding the alarm about a sharp drop in fuel demand. This change follows a continuous rise in petrol prices. Operators say that higher pump prices are hurting their business and forcing customers to buy less. Petrol Price Surge and Falling Demand According to Nairametrics, prices…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has moved forward with the nation’s 2025 oil and gas licenses issuance by shortlisting pre-qualified bidders for the competitive phase. This is an important step toward attracting new upstream investment and opening up exploration opportunities across Nigeria’s sedimentary basins. On Tuesday, Eniola Akinkuotu,…