OPEC cuts Nigeria’s oil quota by 4.6% to 1.742mb/d - Newstrends
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OPEC cuts Nigeria’s oil quota by 4.6% to 1.742mb/d

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Organisation of Petroleum Exporting Countries and its allies, OPEC+, have cut Nigeria’s oil output by 4.6 per cent to 1.742 million barrels per day, mb/d, minus condensate, for November 2022 market, from 1.826 mb/d in August 2022.

It was part of measures adopted on Wednesday to achieve market stability following increased volatility, which witnessed the prices of many crude oil grades, including Nigeria’s Bonny Light, dropping below $90 per barrel last week, from about $100.

The ‘November 2022-December 2023’ data showed that amongst African producers, Nigeria’s 1.742 mb/d was the highest, while Sudan’s 72,000 bp/d was the lowest.

In its review of the market, Wednesday, OPEC+ maintained that the market situation was still clouded by some uncertainties, adding that it remained committed to achieving stability.

The price of Nigeria’s Bonny Light rose to $93.36 per barrel, from $90 per barrel recorded the previous day.

This showed $28 per barrel in excess of the nation’s $62 per barrel 2022 budget benchmark, even though losses associated with oil theft and fuel subsidy still impact negatively on the ability of the oil revenue to deliver desired budgetary estimates.

Vanguard reports that Nigeria might not be able to meet the new target because of increased pipeline vandalism, oil theft, and illegal refining in the Niger Delta.

In its latest report, “Crude Oil and Condensate Production 2022” obtained by Vanguard, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, disclosed that Nigeria produced 972,394 barrels, excluding condensate in August 2022, showing more than 700,000 bpd less than its 1.826 mb/d, during the period.

Meanwhile, OPEC+ has extended the duration of the Declaration of Cooperation, which involves the commitment of all members, initially scheduled to end in 2022, until the 31st of December 2023.

In a statement, OPEC+ said, “In light of the uncertainty that surrounds the global economy and oil market outlooks, the Participating Countries decided to reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020.

“Extend the duration of the Declaration of Cooperation until the 31st of December 2023. Adjust downward the overall production by 2 mb/d, from the August 2022 required production levels, starting November 2022 for OPEC and Non-OPEC Participating Countries.”

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Jetour G700 PHEV Lands in Abuja for 3-Day Luxury Mobility Showcase

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Jetour G700 PHEV Lands in Abuja for 3-Day Luxury Mobility Showcase

Jetour Nigeria is taking its premium mobility campaign to the Federal Capital Territory, with the flagship G700 Plug-in Hybrid Electric Vehicle (PHEV) set to headline a three-day luxury automotive showcase in Abuja from September 22 to 24, 2026.

The Abuja experience, coming on the heels of the brand’s major showcase in Lagos, is part of Jetour Nigeria’s aggressive drive to deepen its presence in the country’s premium automotive market while introducing consumers to a new generation of electrified mobility.

The G700 PHEV, positioned as Jetour’s flagship luxury SUV, combines executive-class comfort with advanced hybrid technology and serious off-road capability.

The model’s arrival in Abuja also comes at a time the brand is gaining increasing recognition in Nigeria’s automotive industry. Jetour Nigeria was recently honoured by the Nigeria Auto Journalists Association (NAJA) as the Fastest Growing Auto Brand of the Year, underscoring its expanding market presence.

At the heart of the G700 is Jetour’s Kunpeng Super Hybrid system, paired with dual electric motors. The powertrain delivers a claimed combined driving range of up to 1,400 kilometres, offering a response to one of the major concerns surrounding electrified vehicles—range anxiety.

The flagship SUV also comes equipped with adaptive suspension, triple differential locks and up to 970mm wading capability, giving it the muscle to handle demanding terrain while retaining the refinement expected of a luxury vehicle.

Inside, the six-seat G700 delivers a premium cabin experience, featuring Nappa leather upholstery, massage seats, a 35.4-inch 3K panoramic display, an 18-speaker Lexicon sound system and an onboard refrigerator.

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The Abuja showcase is expected to attract government officials, corporate executives, fleet managers, motoring enthusiasts and members of the media. Participants will have the opportunity to experience the G700 through an exclusive vehicle reveal, hands-on demonstrations and VIP test drives.

Jetour Nigeria promises ownership support

Beyond the vehicle itself, Jetour Nigeria is highlighting its after-sales support as a key component of the ownership proposition.

Customers purchasing through its authorised network will benefit from a five-year or 150,000-kilometre manufacturer warranty, access to genuine spare parts, software upgrades and certified technical support.

The company currently operates through seven accredited dealerships, including Elizade Nigeria Limited, New Era AutoVehicle Services, Kojo Motors, Germaine Auto Centre, Tab Autos, R.T. Briscoe Motors and Mandilas Motors.

Jetour Nigeria is inviting prospective customers and automotive stakeholders to register for the Abuja experience and secure VIP test-drive slots.

Registration, vehicle specifications and event updates are available through www.jetournigeria.com, Instagram @jetour_nigeria and @Jetourngofficial, or via info@jetournigeria.com.

 

Jetour G700 PHEV Lands in Abuja for 3-Day Luxury Mobility Showcase

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IPMAN Plans Petrol Price Review as Dangote Refinery Raises Depot Cost

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IPMAN Plans Petrol Price Review as Dangote Refinery Raises Depot Cost

IPMAN Plans Petrol Price Review as Dangote Refinery Raises Depot Cost

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said filling stations across the Federal Capital Territory will begin reviewing petrol pump prices in the coming days as new products enter the market. The National Publicity Secretary of IPMANChinedu Ukadike, disclosed this in an interview with the News Agency of Nigeria on Thursday in Abuja. He said marketers were preparing to adjust their pricing and sales strategies in response to changes in the cost of petroleum products. Ukadike, however, said the exact timing of the adjustment remained uncertain because marketers were yet to receive a definite date for the arrival of the new products. “Once the new products begin arriving, marketers are expected to respond quickly by reviewing their prices and updating their product offerings,” he said. He added that purchases could commence within the next few days, depending on when the process officially begins, and assured that the adjustments would be made in line with existing rules and regulations.

The development follows a series of adjustments to the gantry, or ex-depot, price of Premium Motor Spirit by the Dangote Refinery. According to the News Agency of Nigeria, the refinery raised its petrol ex-depot price from N1,165 per litre to N1,185, then N1,200 and subsequently N1,265 within the last week. The latest adjustment, which took effect on August 29, represented a N65 per litre increase from the previous N1,200 price. It was the third price adjustment by the refinery in eight days, adding N100 to the price of petrol at the refinery’s gantry—an 8.6 per cent increase within just eight days. The repeated adjustments have created uncertainty for both marketers and consumers, as the cost of replacing products could change substantially within a short period.

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The increases have already been reflected in pump prices across filling stations in the FCT. Checks in Abuja showed NNPC Retail stations increased their price from N1,250 to N1,270 per litre, while TotalEnergies and Bovas stations adjusted to about N1,275 per litre. In some areas, petrol prices have reportedly climbed to between N1,310 and N1,350 per litre. In parts of Lagos and Ogun, petrol has been reported at about N1,310 per litre, while prices in some northern states and areas farther from the refinery have climbed to N1,350 and above. IPMAN had previously explained that marketers could not continue selling petrol below their replacement cost, particularly amid frequent changes in the cost of replenishing their stocks. “Every time Dangote increases his price, our price will also rise,” Ukadike said. He noted that the volatility was making it difficult for both marketers and consumers to plan, as the cost of replacing products could change substantially within a short period.

The frequent price movements have raised concerns among motorists, who have urged the Federal Government to take steps to stabilise petrol prices. The impact extends beyond motorists, as higher petrol prices could increase transportation and operating costs for households and businesses, potentially putting additional pressure on the prices of goods and services. IPMAN’s latest position indicates that further price adjustments could occur once marketers begin taking delivery of new products, with the final pump prices expected to vary depending on supply costs, transportation and other distribution expenses.

Beyond the planned price review, IPMAN has also appealed to the Federal Government to intervene in the operations of Dangote Refinery to help reduce retail fuel prices. The National President of IPMAN, Abubakar Maigandi, urged the government to broker a deal with Dangote Refinery as part of its intervention to reduce fuel pump prices nationwide. He stressed that government intervention in the downstream petroleum sector should not be seen as a return to fuel subsidy. “We are appealing to the Federal Government to broker a deal with Dangote Refinery to reduce fuel prices. The government should intervene with Nigerian refiners, and this will lead to a reduction in fuel prices. It is different from fuel subsidy. In a situation where there is difficulty, the government should step in,” Maigandi said.

The development has also attracted criticism from the Nigeria Labour Congress (NLC) , which condemned the latest price hike, describing it as “avoidable and unacceptable.” The acting General Secretary of the NLC, Benson Upah, questioned why the Federal Government has not done more to ensure that the Dangote Refinery receives adequate supplies of Nigerian crude. “The latest increase is avoidable and unacceptable in light of falling prices in the international market and our local capacity to sell more crude oil to Dangote. Why are we not doing so?” he said. The debate comes as figures from the Nigerian Upstream Petroleum Regulatory Commission showed that oil producers offered 68.1 million barrels of crude to Dangote Refinery in the second quarter of 2026, against the refinery’s requirement of 63 million barrels, but the refinery accepted only 52.6 million barrels, highlighting the complexity of the domestic crude supply debate.

The price changes have continued to generate debate because they occurred alongside a decline in international crude oil prices in the period under review. The development underscores the sensitivity of Nigeria’s downstream petroleum market to changes in product acquisition and replacement costs, even as consumers continue to monitor pump prices across the country. Ukadike expressed optimism that the Dangote Refinery’s free transportation initiative for petroleum marketers could reduce distribution costs and eventually ease pump prices if sustained. He also welcomed the inclusion of Imo and Anambra states in the initiative, describing the two states as important gateway markets in the South-East.

IPMAN Plans Petrol Price Review as Dangote Refinery Raises Depot Cost

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Uber exits Nigeria after 12 years

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Uber exits Nigeria after 12 years

By Rasheed Bisiriyu

Global ride-hailing giant, Uber, has pulled out of Nigeria, ending its 12-year operation in the country and bringing to a close a major chapter in the evolution of app-based transportation in Africa’s most populous nation

The company announced the decision on Wednesday, saying it would wind down its Nigerian operations effective September 2, 2026.

Uber said the decision followed a “thorough review” of its business in the country.

“We are writing to share some difficult news. After a thorough review of our business, we have made the tough decision to wind down our operations in Nigeria, effective 2 September 2026,” the company said in a message to its customers.

The development marks the end of Uber’s 12-year presence in Nigeria, which began with its launch in Lagos in 2014.

Its arrival transformed the urban transportation landscape, particularly in Lagos, by popularising app-based ride-hailing and providing commuters with an alternative to conventional taxis and other forms of commercial transportation.

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Through its platform, passengers could request rides using their mobile phones and connect with independent drivers, while vehicle owners and drivers gained access to a new source of income.

Over the years, Uber became a familiar part of the daily commuting experience of many Nigerians, particularly in major urban centres.

The company, while announcing its exit, thanked Nigerians for allowing it to become part of their daily lives.

“Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers,” Uber said.

“Whether it was a morning commute, a ride to see loved ones, or exploring the city, thank you for trusting the platform to connect you to a driver to get you there safely.”

Uber also apologised to customers for the disruption its departure might cause.

“We know this may cause disruption to your routine, and we sincerely apologise for the inconvenience,” it said.

The company’s exit comes as Nigeria’s ride-hailing market has become increasingly competitive, with several local and international platforms offering app-based transportation services to commuters.

The sector has also faced challenges linked to rising vehicle operating costs, fuel prices, regulatory requirements and changing market conditions.

Uber said its Help Centre would remain available until September 23 to assist customers with final account-related enquiries.

“Thank you for welcoming us into your city,” the company said.

Uber’s departure brings to an end a significant chapter in Nigeria’s digital transportation story, following its role in changing how millions of commuters booked and paid for rides over the past decade.

 

Uber exits Nigeria after 12 years

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