Crude oil is expected to average $60 per barrel in 2026, the World Bank has revealed in its latest Commodity Markets Outlook. This will be lower than the expected $68 per barrel in 2025, and will be favourable to inflation. According to the report, prices are forecast to fall further in 2026, as oil consumption...
Category: Oil and Gas
Post
Post
UK refined oil exports to Nigeria hit £1.5bn
Refined oil accounted for more than two-thirds of the United Kingdom’s total goods exports to Nigeria in the four quarters ending June 2025, rising sharply to £1.5bn, The PUNCH reports. This is according to the latest UK–Nigeria Trade and Investment Factsheet released by the UK Department for Business and Trade. The report, based on data...
Post
Nigeria’s earnings from crude fall 43% despite higher output
Nigeria’s gross profit from crude oil and gas sales fell by N824.66 billion in 2024 despite an increase in production, according to a new report from the Budget Office of the Federation.Figures in the fourth-quarter Budget Implementation Report show gross profit dropped to N1.08 trillion in 2024, down from N1.90 trillion the previous year —...
Post
Energy Consortium Secures $50 billion to Build Africa’s Second-Largest Refinery in Nigeria
Nigeria is set to consolidate its dominance in Africa’s oil refining landscape as an international energy consortium secured over $50 billion for the construction of a 500,000-barrel-per-day refinery and a 1,471-hectare free trade zone in Ondo state.Before this project, Algeria’s Skikda Refinery, with a capacity of about 356,500 barrels per day, held the title of...
Post
How Star Oil proved Ghana’s low-price fuel can be high-quality
Star Oil Ghana’s Chief Executive Officer, Philip Tieku, says the company’s steady rise to market leadership has exposed the long-held myth that low-priced fuel must mean poor quality. Speaking on JoyNews’ PM Express Business Edition with George Wiafe on Thursday, November 6, Mr Tieku said the results speak for themselves. “The jury is out there....
Post
Star Oil’s Rise to the Top Not Just About Pricing – CEO Philip Tieku
The Chief Executive Officer of Star Oil Ghana, Philip Tieku, has emphasized that the company’s emergence as Ghana’s leading oil marketing firm is the result of a broad strategic approach rather than merely competitive pricing.According to Mr. Tieku, Star Oil’s impressive growth stems from a deliberate combination of efficiency, innovation, and disciplined management. He highlighted...
Post
How Ghana Has Spent Its Oil Wealth Since 2011 — Fourteen Years On
How Ghana Has Spent Its Oil Wealth Since 2011 — Fourteen Years OnFourteen years after the first barrels of oil flowed from the Jubilee Field, Ghana’s petroleum story remains one of promise and underwhelming returns. Despite earning an estimated $11.58 billion from crude production since 2011, the sweeping transformation many anticipated has yet to materialize.The...
Post
Nigerian Senate uncovers unaccounted $303bn in crude oil proceeds, move to expose thieves
In Nigeria the Senate on Wednesday through its ad-hoc committee on crude oil theft in the Niger Delta, uncovered about $303billion unaccounted crude oil sales. The alleged unaccounted $303billion oil sales, was contained in the committee’s interim report presented to the Senate during plenary by Senator Ned Nwoko (Delta North). According to the report, a...
Post
Stop Exporting Crude: OPEC’s Wake-Up Call to Nigeria
Port Harcourt, Nigeria — November 6, 2025. Professor Wumi Iledare, Professor Emeritus of Petroleum Economics and Principal Facilitator at the FUPRE Energy Business School, has described the recent appeal by the Chairman of OPEC’s Board of Governors, Adeyemi-Bero, for Nigeria to “stop exporting crude” as a timely wake-up call for policy re-direction and economic realism....
Post
Ghana’s Oil Production Declines 32% as Government Moves to Restore Investor Confidence
By Isaac Hughes | Western Region Ghana’s oil sector has recorded a sharp decline in output, with production falling by 32 percent — from 71.4 million barrels in 2019 to 48.2 million barrels in 2024. The downturn, experts warn, poses serious challenges to government revenue and foreign exchange earnings, both of which rely heavily on...