As of August 19, 2025, the price of one barrel of the Bonny Light crude oil in Nigeria reached ***** U.S. dollars, which was a decrease of **** U.S dollar compared to the preceding week. Bonny Light crude oil is a high-grade crude oil produced in Nigeria that is known for its low sulfur content. A low sulfur content means low corrosive effects on the petroleum refinery infrastructure and a low environmental impact of the byproducts.

Crude Oil Price: Bonny Light: per Barrel data was reported at 64.830 USD/Barrel in 15 May 2025. This records a decrease from the previous number of 67.180 USD/Barrel for 14 May 2025. Crude Oil Price: Bonny Light: per Barrel data is updated daily, averaging 77.700 USD/Barrel from Oct 2009 (Median) to 15 May 2025, with 3619 observations. The data reached an all-time high of 139.410 USD/Barrel in 08 Mar 2022 and a record low of 7.150 USD/Barrel in 21 Apr 2020. Crude Oil Price: Bonny Light: per Barrel data remains active status in CEIC and is reported by Central Bank of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.P003: Crude Oil Price. [COVID-19-IMPACT]

Crude Oil Production in Nigeria increased to 1507 BBL/D/1K in July from 1505 BBL/D/1K in June of 2025. This dataset provides the latest reported value for - Nigeria Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Nigeria's economy was significantly impacted by the COVID-19 pandemic. Among others, oil prices experienced a sharp fall and the country lowered the daily crude oil production consistently. In January 2019, the price per barrel amounted to ** U.S. dollars per barrel, whereas in April 2020 the price dropped by ** dollars. Crude oil, petrol, and fuel represented Nigeria's main source of export value.

Key information about Nigeria Crude Oil: Exports

• Nigeria Crude Oil: Exports was reported at 1,476.170 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 1,388.260 Barrel/Day th for Dec 2022
• Nigeria Crude Oil: Exports data is updated yearly, averaging 1,812.003 Barrel/Day th from Dec 1980 to 2023, with 44 observations
• The data reached an all-time high of 2,464.120 Barrel/Day th in 2010 and a record low of 935.200 Barrel/Day th in 1983
• Nigeria Crude Oil: Exports data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Exports

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of July. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

Key information about Nigeria Crude Oil: Production

• Nigeria Crude Oil: Production was reported at 1,495.000 Barrel/Day th in Jan 2025
• This records a decrease from the previous number of 1,525.000 Barrel/Day th for Dec 2024
• Nigeria Crude Oil: Production data is updated monthly, averaging 1,885.000 Barrel/Day th from Jan 2002 to Jan 2025, with 277 observations
• The data reached an all-time high of 2,496.000 Barrel/Day th in Nov 2005 and a record low of 1,015.000 Barrel/Day th in Sep 2022
• Nigeria Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: OPEC Members: Monthly

In January 2025, Nigeria exported around *** million barrels per day in crude oil, slightly higher than the previous month. In the face of the COVID-19 pandemic, the export of crude oil from Nigeria experienced a decrease in 2020. In December 2020, exports of crude oil recorded the lowest amount, going below *********** barrels per day. By December 2021, the volume had reached **** million barrels per day.

The Nigerien crude palm oil market expanded markedly to $1.5B in 2024, with an increase of 7% against the previous year. Over the period under review, the total consumption indicated a tangible increase from 2012 to 2024: its value increased at an average annual rate of +4.2% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -9.2% against 2022 indices.

The African oil and gas market is experiencing robust growth, projected to maintain a Compound Annual Growth Rate (CAGR) exceeding 5.50% from 2025 to 2033. This expansion is driven by increasing energy demand across the continent, fueled by population growth and industrialization. Significant investments in exploration and production activities, particularly in Nigeria, Algeria, and Egypt, are further contributing to market expansion. However, challenges such as price volatility, geopolitical instability in certain regions, and the global push towards renewable energy sources pose constraints. The market is segmented by type (upstream, midstream, downstream) and geography, with Nigeria, Algeria, and Egypt representing significant portions of the market share. Upstream activities, encompassing exploration and production, are expected to witness substantial growth, driven by the discovery of new reserves and enhanced recovery techniques. Midstream and downstream segments, involving processing, transportation, and refining, will also experience growth, although potentially at a slightly slower pace than upstream due to existing infrastructure limitations and the need for further investment. Major international oil companies such as Shell, TotalEnergies, Eni, and ExxonMobil, along with state-owned entities like the Nigerian National Petroleum Corporation, play crucial roles in shaping the market dynamics. The long-term outlook remains positive, anticipating continued growth, albeit subject to the successful mitigation of existing challenges and adaptation to evolving global energy landscapes. The competitive landscape is characterized by a mix of multinational corporations and national oil companies. While multinational companies bring advanced technology and financial resources, national oil companies retain significant control over domestic resources. Strategic partnerships between these entities are likely to increase in the coming years to facilitate exploration, production, and infrastructure development. The market's future success hinges on addressing environmental concerns, promoting sustainable practices, and developing robust regulatory frameworks to ensure responsible resource management and economic benefits for the respective nations. This necessitates further investment in infrastructure, skilled labor, and technological advancements to harness the market's potential fully while minimizing its environmental footprint. A continued focus on exploration and development of new reserves will be crucial in maintaining the long-term growth trajectory. Recent developments include: In January 2022, Nigerian National Petroleum Company Ltd secured a USD 5 billion commitment from the African Export-Import Bank to fund its major investment in the Nigerian upstream sector. The repayment of this funding is expected to be done through a forward sale arrangement, whereby the funds will constitute the payment purchase of 90-120 kpd of crude to be delivered to the lender within a four to eight-year period., In February 2022, the Nigerian Upstream Petroleum Regulatory Commission announced the "Industry-Wide Oil Revenue Recovery Initiative" to recover the missed revenue on account of crude oil loss due to illegal tapping of pipelines. Per the petroleum commission, it is likely to recover double the country's output from 1.5 million barrels of oil per day to 3 million barrels per day in the upcoming years.. Notable trends are: Upstream Segment to dominate the Market.

1,212.94 (thousand barrels per day) in अक्तूबर, 2022. Proved reserves of crude oil as of January 1 of the report year are the estimated quantities of all liquids defined as crude oil, which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from reservoirs under existing economic and operating conditions.

Nigeria’s oil production amounted to some *** million barrels per day in 2024, an increase when compared to the previous year. Between 1998 and 2024, figures decreased by approximately ******* barrels per day. Nigeria and OPEC Nigeria joined the OPEC (Organization of Petroleum Exporting Countries) in 1971, becoming the 11th country to join the organization following its founding in September 1960. Nigeria is the most populous country within the OPEC, but in terms of daily oil production, it is ranked ***** within the organization. In terms of oil reserves, Nigeria’s OPEC ranking is eighth.  Oil refining in Nigeria  The Dangote oil refinery is currently under construction and is expected to be completed by the fourth quarter of 2022. Its construction will add considerable refining capacity to Nigeria’s oil industry. Designed to process some ******* barrels of crude oil each day, this will increase Nigeria’s existing refining capacity of ******* barrels per day considerably. According to billionaire Aliko Dangote who owns the project, and after whom the project is named, about ** percent of the refinery’s products will be exported, with the remainder serving the Nigerian market.

The size of the Oil and Gas Downstream Industry in Nigeria market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 3.50% during the forecast period. Downstream activities in the oil and gas industry play a vital role in Nigeria's energy sector. The essence of this business area is the refining, distribution, and marketing of petroleum products. Being one of the biggest oil-producing African countries, downstream Nigerian activities are considered an essential undertaking to convert crude oil into usable items like gasoline, diesel, and kerosene, sustaining both national and international markets. However, the sector has also faced many challenges, including underinvestment, obsolescence of existing refining infrastructure, and inefficiency of regulation. Two old and small-capacity refineries dominate Nigeria's refining capacity and are not sufficient to meet the current demands of Nigeria. Imported refined products now account for significant supplies across most of the country. Reform and policies by the government are in the pipeline to revitalize existing ones and attract foreign investment into new ones. Improvement in the network is also ongoing. Issues such as scarcity and pricing inconsistencies that have hounded consumers are being addressed. Apart from creating jobs and promoting economic development, the Downstream Industry emploies many people while its activities translate to incomes for the government in the areas of taxes and royalties. The industry is changing and concentrating more on sustainability and responsibility as regards the environment with emphasis on cleaner fuels and lower carbon footprints. Overall, the downstream industry plays a key role in ensuring that there is adequate energy supply and also economic stability in Nigeria. Recent developments include: August 2022: The Nigerian National Petroleum Company announced that the Dangote Refinery is expected to start commercial operations by mid-2023. The refinery project is one of the largest in Africa, with a refining capacity of 650,000 barrels per day., November 2022: Nigeria's Gasoline Integrated International announced that the company plans to build a USD 68 million refinery on Tongeji Island. The refinery will have an initial refining capacity of 100,000 liters per day and other petroleum products, which will be expanded to 400,000 liters per day.. Key drivers for this market are: 4., Rising Demand for Increaing Refinening Capacity4.; Increasing Investment in Downstream Sector. Potential restraints include: 4., Fluctuating Price of Crude Oil May Impede the Development of the Downstream Sector. Notable trends are: Refining Segment Expected to Dominate the Market.

The Oil and Gas Market in Africa size was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, exhibiting a CAGR of 5.50 % during the forecast's periods. The oil and gas industry are a critical sector that involves the exploration, extraction, refining, and distribution of petroleum and natural gas. These fossil fuels are formed from the remains of ancient marine organisms that have been subjected to heat and pressure over millions of years. The industry is divided into three main segments: upstream, midstream, and downstream. Upstream activities include the exploration and drilling of oil and gas wells to locate and extract hydrocarbons. Midstream operations involve the transportation and storage of crude oil and natural gas, often through pipelines, tankers, and storage facilities. Downstream processes encompass refining crude oil into usable products such as gasoline, diesel, and jet fuel, as well as the marketing and distribution of these products to consumers. The oil and gas industry are a major driver of the global economy, providing energy for transportation, heating, electricity, and industrial production. Recent developments include: In January 2022, Nigerian National Petroleum Company Ltd secured a USD 5 billion commitment from the African Export-Import Bank to fund its major investment in the Nigerian upstream sector. The repayment of this funding is expected to be done through a forward sale arrangement, whereby the funds will constitute the payment purchase of 90-120 kpd of crude to be delivered to the lender within a four to eight-year period., In February 2022, the Nigerian Upstream Petroleum Regulatory Commission announced the "Industry-Wide Oil Revenue Recovery Initiative" to recover the missed revenue on account of crude oil loss due to illegal tapping of pipelines. Per the petroleum commission, it is likely to recover double the country's output from 1.5 million barrels of oil per day to 3 million barrels per day in the upcoming years.. Key drivers for this market are: 4., Increasing Natural Gas Demand4.; Rising Pipeline Network and Associated Infrastructure Development. Potential restraints include: 4., Rising Shift toward Renewable Energy. Notable trends are: Upstream Segment to dominate the Market.

The Nigeria oil and gas market attained a volume of 1.37 MMT in 2024. Rising indigenous participation and local content development, spurred by the country’s Petroleum Industry Act, attract private investments, boosting upstream output and infrastructure growth across marginal oil fields and gas processing zones. As a result, the market is expected to grow at a CAGR of 5.30% during the forecast period of 2025-2034 to reach a volume of 2.30 MMT by 2034.

The Nigerian market is continuously growing due to renewed investments, reforms initiated by the government, and rising global interest. The Petroleum Industry Act (PIA), enacted in 2021, has been a major turning point, streamlining governance and providing fiscal clarity to attract further foreign investments. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country recorded over USD 10 billion in new oil and gas investments by mid-2024, indicating the significant growth in the market.

Moreover, the Nigerian National Petroleum Company Limited (NNPCL) has transitioned into a fully commercial entity. This move, completed in July 2022, has opened up several opportunities for strategic partnerships, notably with Daewoo and ENI, to expand refinery capacity and optimise liquefied natural gas (LNG) output, thereby accelerating the Nigeria oil and gas market development. As a result, the country’s oil production, which dipped to 1.2 million barrels per day in 2022 due to pipeline vandalism and theft, is rebounding with a target of 1.7 million barrels per day in 2025.

Additionally, the Decade of Gas initiative, launched by the government, aims to leverage the country’s 206 trillion cubic feet of proven gas reserves for industrial and export purposes. This has been another key motivator of the Nigeria oil and gas market growth. The Nigeria-Morocco Gas Pipeline, a USD 25 billion project, has garnered further support from ECOWAS, reinforcing Nigeria’s ambition to become West Africa’s gas powerhouse.

Nigeria is one of the largest oil producers in the world. In January 2025, its oil production reached close to *** million barrels per day. Furthermore, a rise in gasoline prices of nearly ** percent was registered in October 2024. However, diesel prices paid by consumers in Nigeria increased by some *** percent in October 2024.

The Nigerian Oil and Gas Downstream industry, valued at approximately $XX million in 2025 (assuming a logical estimation based on the provided CAGR and market size), is projected to experience steady growth with a Compound Annual Growth Rate (CAGR) of 3.50% from 2025 to 2033. This growth is fueled by increasing domestic demand for refined petroleum products, driven by a growing population and expanding industrial sector. Significant investments in refinery upgrades and expansions, alongside the development of petrochemical projects, are further stimulating market expansion. However, challenges such as infrastructure limitations, energy security concerns, and the need for consistent regulatory frameworks pose potential restraints on growth. The industry's segmentation reveals a significant contribution from refining, followed by the petrochemical and retail sales sectors. Key players like the Nigerian National Petroleum Corporation (NNPC), KBR Inc, Indorama Eleme Petrochemicals Limited, and Midoil Refining & Petrochemicals Company Limited are shaping the competitive landscape, although the market also includes a significant number of smaller, regional players. The regional distribution of the Nigerian downstream oil and gas market reflects its strong domestic focus. While international players are present, the majority of market activity is concentrated within Nigeria. Given the substantial domestic consumption and the nation’s refining capacity, the contribution from other regions is expected to remain relatively modest during the forecast period. Future growth will hinge on addressing challenges such as pipeline security, improving operational efficiency within existing infrastructure, and attracting further Foreign Direct Investment (FDI) to support the development of new capacity and technologies. The industry's evolution will likely be characterized by a focus on diversification into petrochemicals, greater integration of renewable energy sources, and ongoing efforts to improve environmental sustainability practices. The successful navigation of these challenges will significantly impact the industry's trajectory and its overall contribution to the Nigerian economy. Recent developments include: August 2022: The Nigerian National Petroleum Company announced that the Dangote Refinery is expected to start commercial operations by mid-2023. The refinery project is one of the largest in Africa, with a refining capacity of 650,000 barrels per day., November 2022: Nigeria's Gasoline Integrated International announced that the company plans to build a USD 68 million refinery on Tongeji Island. The refinery will have an initial refining capacity of 100,000 liters per day and other petroleum products, which will be expanded to 400,000 liters per day.. Key drivers for this market are: 4., Rising Demand for Increaing Refinening Capacity4.; Increasing Investment in Downstream Sector. Potential restraints include: 4., Rising Demand for Increaing Refinening Capacity4.; Increasing Investment in Downstream Sector. Notable trends are: Refining Segment Expected to Dominate the Market.

Nigeria is a middle income country whose economy depends largely on crude and refined oil from its natural environment. A larger percentage of Nigeria economy survives mainly on the incomes from oil production. Over the years, there is recurrent dwindling oil revenue orchestrated by oil pipelines vandalism and oil theft in the environment. This is predominant in the Niger Delta Region of Nigeria. This menace has wreaked havoc on the Nigeria’s economy. Currently, the Nigerian National Petroleum Company Limited (NNPCL) claims the losses of 470,000 barrels per day of crude oil amounting to $700 million monthly due to oil theft. The disquiets of these menaces in the environment, which have posed serious threat to Nigeria’s economy, are addressed in this paper. This paper employed the doctrinal legal research methodology in evaluating the recurrent oil pipelines vandalism and oil theft causing a devastating economic meltdown. On this premise, this paper finds that persistent loss of barrels of crude oil and degradation of the environment are due to the lack of adequate security measures and proper enforcement of Oil Pipelines Act together with other relevant environmental laws. Based on the findings, this paper recommends a review of the Oil Pipelines Act, the establishment of a strong environmental security surveillance, and creation of a special court for accelerated prosecution of vandals. It concludes that this will mitigate the alarming economic meltdown of the Nigeria’s economy and promote a sustainable serene environment.

The West African Oil & Gas Upstream market, encompassing Nigeria, Ghana, Ivory Coast, Senegal, and the Rest of West Africa, exhibits robust growth potential, driven by increasing energy demand, significant untapped reserves, and ongoing exploration activities. The market's compound annual growth rate (CAGR) exceeding 6.50% from 2025 to 2033 signifies a substantial expansion. Key drivers include substantial investments in new oil and gas projects, government incentives to boost domestic production, and the strategic importance of the region as a global energy supplier. However, challenges remain, such as volatile oil prices, regulatory hurdles, and the growing emphasis on transitioning to renewable energy sources. The market is segmented geographically, with Nigeria, boasting the largest reserves and production capacity, dominating the market share. Ghana, Ivory Coast, and Senegal are witnessing significant growth due to discoveries and increasing investment. Major players, including Shell, TotalEnergies, Eni, ExxonMobil, and national oil companies, are actively engaged in exploration, production, and infrastructure development within the region, shaping the market's competitive landscape. The onshore segment currently holds a larger share compared to offshore, although offshore exploration and production are gaining momentum due to technological advancements and the discovery of substantial deepwater reserves. The market's future growth trajectory will depend on successful exploration, the effective management of geopolitical factors, and the overall global energy landscape. A continued focus on optimizing production efficiency and mitigating environmental impact will be crucial for sustainable market expansion. The substantial investment in exploration and infrastructure development underscores the commitment to increasing production capacity. The presence of major international oil companies (IOCs) and national oil companies (NOCs) contributes to the robust competitiveness of the West African oil and gas upstream market. While the transition to renewable energy presents challenges, the high demand for oil and gas in both domestic and international markets ensures continued growth in the foreseeable future. The market’s success will rely on adapting to fluctuating oil prices, navigating regulatory frameworks, and addressing environmental concerns effectively. Technological advancements in offshore exploration and production are expected to further unlock the region's untapped potential. Recent developments include: July 2022: Tullow Energy announced that the company was finalizing the development concept for its Tweneboa-Enyenra-Ntomme (TEN) field offshore Ghana. The development concept aims to tap 750 million barrels of oil., July 2022: TotalEnergies SE started production from the Ikike field in Nigeria, which is expected to deliver peak production of 50,000 barrels of oil equivalent per day by the end of 2022.. Notable trends are: The Offshore Segment is Expected to be the Fastest-growing Segment.

In July 2025, the average price of the OPEC basket was 70.97 U.S. dollars per barrel. This was an increase compared to the previous month, which was among the lowest values in the past 24 months. The OPEC basket is a weighted average of prices for petroleum blends produced by OPEC countries. OPEC stands for “Organization of the Petroleum Exporting Countries” and was founded in 1960 in Baghdad, Iraq. The main aim of OPEC is to coordinate the oil policies of its members, and thus to have more influence on the international oil market. It is used as an important benchmark for crude oil prices. The OPEC basket oil price The OPEC crude oil price is defined by the price of the so-called OPEC (reference) basket. This basket is an average of the prices of petroleum blends that are produced by the OPEC members. The following countries are members of this organization: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. Some of these oil blends are, for example, the Saharan Blend from Algeria, Basra Light from Iraq, and Arab Light from Saudi Arabia. The OPEC reference basket includes both heavy and light crude oils and is heavier than most other crudes. OPEC's oil production amounted to 32.8 million barrels per day in 2024. Oil price benchmarks The OPEC basket is one of the most crucial benchmarks for crude oil pricing worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. Looking at the OPEC price within the last two years, the highest price was some 94.6 U.S. dollars per barrel in September 2023.