.png)
.png)
4 days ago
12
- New information from NUPRC has revealed that Nigeria's lipid accumulation accrued successful the archetypal 3 months of 2025
- Despite existent challenges successful planetary prices, respective countries proceed to patronise Nigerian crude oil
- The database of apical buyers successful 2024 includes 10 countries, led by the Netherlands, France, and Indonesia
Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that Nigeria’s crude lipid accumulation roseate by 8.13% successful the archetypal 4th of 2025 compared to the aforesaid play successful 2024.
The information showed that the state produced a full of 5,013,209 barrels of crude lipid and condensates successful the archetypal 3 months of 2025, up from 4,621,409 barrels successful the corresponding play past year.
Source: Getty Images
Analysis of NUPRC information shows that Nigeria produced 391,800 much barrels of crude lipid successful Q1, 2025, compared to the aforesaid play successful 2024.
The maturation came contempt a five-month accumulation low successful March, caused by renewed unrest successful Rivers State, a cardinal oil-producing region, that spilt into Bayelsa State.
ThisDay reports that the governmental hostility led to aggregate pipeline attacks and the impermanent shutdown of cardinal infrastructure successful some states.
Nigeria crude lipid accumulation data
A breakdown of lipid and condensate production for the archetypal 3 months of 2024 showed that output stood astatine astir 1.64 cardinal barrels successful January, 1.54 cardinal successful February, and 1.44 cardinal successful March, totalling 4.62 million.
In the aforesaid play of 2025, accumulation roseate to astir 1.74 cardinal barrels successful January, 1.67 cardinal successful February, and 1.60 cardinal successful March, reaching a full of 5.01 cardinal successful Q1.
The quality represents an 8% maturation successful 2025 compared to the aforesaid play past year.
Source: Getty Images
Countries buying Nigeria crude oil
Meanwhile, export receipts captured successful the National Bureau of Statistics' commercialized information amusement that Nigeria sold N55.28 cardinal worth of crude lipid successful 2024.
The crude lipid was sold to large economies successful Europe, Asia, and North America.
For the past 4th of 2024, France topped the database with purchases valued astatine $1.75 trillion, followed by Indonesia astatine $1.36 trillion and Canada astatine $1.35 trillion.
Here is the database of Nigeria’s apical 10 crude lipid buyers successful Q4, 2024 by value:
- France $1.75 trillion
- Indonesia $1.36 trillion
- Canada $1.35 trillion
- Spain $1.24 trillion
- Netherlands $1.23 trillion
- India $981.70 billion
- United States $820.72 billion
- Italy $793.89 billion
- South Africa $717.46 billion
- China $260.76 billion
Filling stations denote caller substance prices cheaper than NNPC's
Ealier, Legit.ng reported that pursuing the Dangote Petroleum Refinery's determination to slash ex-depot petrol prices to N867, respective filling stations person adjusted their pump prices, signalling a potential alleviation for motorists.
Checks by Legit.ng amusement that petrol, which was priced betwixt N930 and N950 successful Lagos, is present being sold betwixt N920 and N945 arsenic of Monday, April 14.
Although NNPC Limited had yet to marque adjustments arsenic of the clip of reporting, lipid marketers specified arsenic Ardova, Mobil, Petrocam, Hyden, and Matrix person besides announced reductions successful pump prices.
PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!
Source: Legit.ng
