London, Oct 7, 2025 – (Reuters) – Oil prices were steady on Tuesday as investors assessed a smaller-than-expected November output hike by OPEC+ against the backdrop of oversupply expectations. Brent crude futures fell 15 cents, or 0.23%, to $65.32 a barrel by 0742 GMT. U.S. West Texas Intermediate crude shed 17 cents, or 0.28%, to $61.52. Both contracts settled up more than 1% in the previous session after the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers – known as OPEC+ – decided to increase …
Nigeria lost 200,000 bpd of crude oil production to PENGASSAN strike – NNPC
Abuja, Oct. 6, 2025 – Bayo Ojulari, the Chief Executive of the Nigerian National Petroleum Company Limited (NNPCL), says Nigeria lost over 200,000 barrels of daily crude oil production to the last PENGASSAN strike. He said the country also lost about 1,200 megawatts of power to the strike. The NNPC boss said this on Sunday during an interview with State House correspondents after a visit to the president. He said the PENGASSAN strike was unfortunate as the country lost much in terms of resources. “It was quite unfortunate that …
NNPC blames PENGSSAN strike for cooking gas price hike
Abuja, Oct. 6, 2025 – Bayo Ojulari, the Chief Executive of the Nigerian National Petroleum Company (NNPC), has blamed the recent strike by PENGASSAN for the current hike in the price of cooking gas. Ojulari said this on Sunday while speaking to State House correspondents after a visit to the president. He said the price hike was caused by the temporary disruption of operations during the strike by PENGASSAN. The NNPC boss said the strike adversely affected loading and distribution of gas for several days which led to the artificial …
Oil rises after OPEC+ hikes output less than expected
. London, Oct 6, 2025 – Oil prices rose by about 1% on Monday after OPEC+’s planned production increase for November was more modest than expected, tempering some concerns about supply additions, though a soft outlook for demand is likely to cap near-term gains. Brent crude futures climbed 71 cents, or 1.1%, to $65.24 a barrel by 1316 GMT, while U.S. West Texas Intermediate crude was at $61.47, up 59 cents, or 1%. “The market was expecting a somewhat larger increase from OPEC+ as shown in the structure …
OPEC+ plus to raise oil production by 137,000 barrels a day in November
London, Oct. 6, 2025 – Saudi Arabia, Russia and six other members of (OPEC+) on Sunday decided to raise their production quotas by 137,000 barrels per day in November, as they continue to push for greater market share. “In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137 thousand barrels per day” from October’s levels, the group said in a statement after an on-line meeting. The increase …
Oil prices head for weekly loss
London, Oct 3, 2025 – Oil prices were stable on Friday but remained on course for a weekly loss of about 7-8% after news of potential increases to OPEC+ supply. Brent crude futures were up 32 cents, or 0.5%, at $64.43 a barrel by 0958 GMT. U.S. West Texas Intermediate crude was up 32 cents, or 0.53%, at $60.80. For the week, Brent was trading 8.1% down and WTI was on course for a 7.5% decline. “We are in a wait-and-see mode for what the OPEC+ Group of Eight …
Oil edges higher on concerns over potential Russian export disruptions
London, Oct 2, 2025 – Oil prices edged higher on Thursday following losses in the previous three sessions as concerns about more disruption to Russian crude exports lent some support, though concerns about oversupply in the market capped gains. Brent crude futures gained 14 cents, or 0.2%, to $65.49 a barrel at 0749 GMT. U.S. West Texas Intermediate crude climbed by 14 cents, or 0.2%, to $61.92 a barrel. “There is some concern in the market again that Russian oil could get disrupted,” said Giovanni Staunovo, commodity analyst at UBS. …
PENGASSAN denies signing agreement with FG on its dispute with Dangote Refinery
Abuja, Oct. 2, 2025 – The Petroleum and Gas Senior Staff Association (PENGASSAN) has denied signing any agreement with the federal government on the resolution of its face-off with Dangote Refinery. Festus Osifo, its President, said this on Thursday while speaking on “The Morning Brief” programme on Channels Television. He said the document presented at the meeting was not an agreement. Osifo said the document presented at the meeting not a communique, but a statement presented by the Minister of Labour, Muhammadu Dingyadi, who acted as the chief conciliator. …
Nigerian oil industry crisis may linger despite suspension of latest Strike
By Paul Ejime Abuja, Oct. 2, 2025 – Nigeria’s major oil workers union, PENGASSAN has announced the suspension of its two-day strike, but warned that the action would resume “without any notice” if a government-brokered agreement between the union and the Dangote Refinery is breached. On the other hand, the Dangote Refinery has also signed a two-year Naira-for-crude oil supply deal with the Nigerian National Petroleum Company Limited (NNPCL) to ensure continuity in fuel production for Nigeria’s domestic market. The Petroleum and Natural Gas Senior Staff Association of Nigeria …
PENGASSAN strike paralyses operations in oil, gas companies
Lagos, Sept. 29, 2025 – The nationwide strike called by PENGASSAN on Monday has paralysed activities in many oil and gas companies across the country. PENGASSAN and Dangote Refinery started a crisis at the weekend over the sack of about 800 workers in the refinery who allegedly belong to the association. In a retaliatory move, PENGASSAN directed its members to halt supply of crude oil and gas to the Dangote Petroleum Refinery immediately. It also directed all its members to go on a nationwide strike from Monday. The strike …