crude oil

Nigeria's state oil company prepares March export of new crude grade targeting output gains, while petroleum workers union opposes presidential directive on revenue remittance amid sector restructuring.

US-Israeli military action against Iran could push Nigerian Bonny Light crude above $80 per barrel, with analysts warning of significant disruptions to global oil supply chains and energy security across African markets.

US commercial crude stocks climbed to 435.8 million barrels while major producers including Occidental and EOG Resources adjust capital expenditure strategies, signaling cautious optimism despite ongoing US-Iran diplomatic tensions.

Nigerian National Petroleum Corporation will export new light sweet crude Cawthorne from March, while lawmakers advance proposals requiring government agencies to source half their electricity from renewable sources.

NNPC Limited's leadership visited the 650,000 bpd Dangote Refinery complex in Lagos to formalize operational coordination, marking a critical step in Nigeria's efforts to reduce refined product imports and stabilize domestic fuel supply.

Nigeria's oil production declined to 1.627 million barrels per day in recent reporting, missing both budget projections and OPEC quotas, while Dangote Group signed a $400 million equipment deal with China's XCMG to double refinery capacity to 1.4 million bpd.

Africa's largest refinery operator has signed a major equipment deal with China's XCMG Construction Machinery, targeting a 40% capacity increase that would position the facility among the world's top petroleum processing plants.