Data from the Nigerian Upstream Petroleum Regulatory Commission shows that total oil production loss in the third quarter of this year, stood at 6.6 million barrels per day.

OPEC+ is cutting global oil production to drive up prices. The move shows that Russia can still count on the cartel led by Saudi Arabia to help it bolster its war chest.

Tribal groups have agreed to end a blockade of Libya's oil production facilities after Tripoli installed a new leader at the National Oil Company (NOC). The move comes amid high global demand for oil.

An oil production and storage vessel exploded off the coast of Nigeria early on Wednesday (February 2) with 10 crew members on board though it was unclear if there were any casualties or how much crude might have spilled into the sea.

Nigeria and Libya's increased oil production is adding to the volume of light, sweet crude looking for buyers, as Nigeria's August loading program shows 40 unsold cargoes.

According to BMI Research's recent report titled, outlook for Nigeria's economy, improved oil production, higher oil prices, and greater exchange rate flexibility will all contribute to a return to positive real GDP growth in Nigeria in 2017.

Nigeria's Central Bank plans to meet bureau de change operators today to explore ways to eliminate the gap between the official and parallel market dollar rates.