upstream sector

Crude benchmarks rose on Tuesday after fresh U.S. data showed another draw in oil stockpiles, reinforcing signs of tightening supply. At 3:00 p.m. WAT, Brent crude traded at $68.54 per barrel, up 0.09%, while West Texas Intermediate (WTI) stood at $64.34 per barrel, gaining 0.05%. The American Petroleum Institute (API) reported that U.S. inventories fell

For months, analysts have warned of a looming oversupply that should send crude prices tumbling. Forecasts often cite weak global growth, rising adoption of electric vehicles, and steady supply expansion as reasons for a market downturn. Yet Brent and WTI have stayed stubbornly firm, trading far above the $40–$50 levels many expected. What explains this

Oil prices may fall below $60 per barrel before the end of 2025 and could drop into the mid-$50s in early 2026 as growing supply threatens to overwhelm slowing demand. OPEC+ has begun rolling back its production cuts, returning 137,000 barrels per day (bpd) to the market in October. The move is part of the

India’s state-run oil giant has shifted its crude sourcing strategy, turning to Nigeria and the Middle East while bypassing U.S. supplies as trade tensions with Washington escalate. Trading sources confirmed that the Indian Oil Corporation (IOC) excluded American grades in its latest tender. Instead, IOC purchased two million barrels from Nigeria and another one million

Brent crude prices surged close to $70 per barrel in early trading on Tuesday, fueling fresh concerns of higher petroleum product costs in Nigeria. Market data showed Brent at $69.26 per barrel, up $1.11 or 1.63%, while West Texas Intermediate (WTI) climbed to $65.79 per barrel, gaining $1.78 or 2.78%. Nipco Raises Price to ₦850/L

Saudi Aramco and Iraq’s State Oil Marketing Organization (SOMO) have stopped crude supplies to Nayara Energy’s Vadinar refinery in India. The suspension follows the European Union’s 18th sanctions package on Russia, adopted in August, which targeted companies tied to Moscow’s oil exports. Refinery Operations Hit Nayara Energy, in which Russia’s Rosneft owns a 49.13% stake,

Wall Street forecasts show oil prices sliding further in the coming months, with Brent crude projected at $62.73 and West Texas Intermediate (WTI) at $59.65 per barrel in the first quarter of 2026, according to a survey by The Wall Street Journal. Rising Supply Pushes Market Toward Oversupply Analysts warn that increased production from OPEC+

Nigeria’s 2025 fiscal budget is running a deficit despite recent gains in crude oil production, as total output still falls short of government projections. Between January and July, the country pumped 354.26 million barrels of oil, against the benchmark target of 436.72 million barrels set in the 2025 Appropriation Act. This represents an 18.9 percent

Crude oil prices edged lower on Tuesday after reaching a three-week high the previous day. Traders are now watching closely as the United States prepares to impose new tariffs on Indian imports. At the time of writing, Brent crude declined by $0.42, or 0.61%, to $68.38 per barrel, while WTI crude fell by $0.47, or

Nigeria’s flagship crude streams, Brass River and Qua Iboe, have slipped below the $70 per barrel mark, even as the country ramps up production to secure its 2025 budget targets. Market data show Brass River trading at $68.69 per barrel, while Qua Iboe stood at $68.74, both down by 0.07% on a one-day delay. The

Global crude prices slumped to their lowest in a week on Monday, with Brent settling at $68.02 per barrel and WTI at $65.58. The downturn came as markets digested OPEC+’s decision to implement a full reversal of its 2.2 million b/d voluntary cuts starting in September. The cartel will raise output by 547,000 b/d next

Goldman Sachs has reaffirmed its forecast for Brent crude oil to average $64 per barrel in the fourth quarter of 2025, even as recent geopolitical and economic developments inject fresh uncertainty into global oil markets. In a note shared with clients and quoted by Reuters, the investment bank acknowledged that tightening U.S. sanctions on Russia

Petroleum marketers in Nigeria are bracing for a potential drop in petrol and diesel depot prices. The shift comes as international crude benchmarks fell sharply over the weekend, while local demand continues to lag behind available supply. As of 11AM WAT Monday, Brent Crude traded at $68.57 per barrel, and WTI Crude stood at $66.16—down

Crude oil prices slipped below $70 per barrel on Friday, hit by weaker-than-expected U.S. employment data and fears of a potential OPEC+ production hike. Brent fell to $69.79, while WTI dropped to $67.54, extending a late-week downturn after trading above $70 for most of the week. Market Sentiment Shaken by U.S. Jobs Data, OPEC+ Rumors

Nigeria’s daily crude oil production has climbed to 1.824 million barrels, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This is the first time in July that output has surpassed the 1.8 million barrels per day (bpd) mark. The update was given during a stakeholders’ workshop held in Abuja. The event, hosted by the