The sharp rise in international crude oil prices could trigger another increase in petrol prices in Nigeria, with Brent crude climbing to $115.18 per barrel on Friday amid growing fears of renewed military strikes on Iran and further disruptions to global oil supplies. The latest rally in crude prices comes as Dangote Petroleum Refinery and
The Australian share market is set to open lower after gains on Wall Street. The price of oil rises again.
Nigeria produced an average of 1.687 million barrels of crude oil and condensate per day in October 2026, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said. This represented 101 per cent of Nigeria’s 1.5 million bpd production quota allocated by the Organisation of Petroleum Exporting Countries (OPEC).
Nigeria’s crude oil production declined slightly to 1.51 million barrels per day (bpd) in October 2026, from 1.53 million bpd recorded in September, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Despite the drop, Nigeria maintained crude oil production above its Organisation of Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd for the sixth consecutive month in 2026.
By Folarin Kehinde Nigeria has urged Namibia to establish clear policies on host community benefits, local content development and environmental protection before commencing commercial oil production, warning the emerging oil-producing country against repeating the challenges that have characterised Nigeria’s petroleum industry. Nigeria’s High Commissioner to Namibia, Ambassador Esther Adebola Arewa, gave the advice while delivering the keynote address titled: Nigeria-Namibia at the 5th International African Energy, Oil and Gas Summit in Windhoek, Namibia.
ONS also says GDP rose 0.2% month on month in September, in a boost to the chancellor, John Healey The UK economy grew by 0.7% in the third quarter, as expected by City analysts, confirming that consumers and businesses remained resilient despite high oil and gas prices. The Office for National Statistics said a jump in the cost of petrol, diesel and natural gas prices following the re-escalation of the conflict in the Middle East played an important role in restricting economic growth in the three months to the end of September.
Oil India further stated that it was on track for scaling their capex target of ₹7,500 crore.