OPEC+

Nigeria's non-oil exports jumped to N12.36 trillion in 2025, up from N9.09 trillion in 2024, even as crude production missed OPEC quotas for seven consecutive months, highlighting the economy's shifting dynamics amid government reforms.

Global oil prices dropped 8% to $83 per barrel following a spike driven by Middle East tensions, prompting Egypt to raise fuel prices by 14% while Nigeria suspends helicopter landing fees for oil operations.

AMNI International's Okoro Field drilling rig arrival underscores indigenous operator capacity as President Tinubu signals comprehensive Petroleum Industry Act review and OPEC+ weighs production increases amid Middle East tensions.

Nigeria's oil production declined to 1.627 million barrels per day in recent reporting, missing both budget projections and OPEC quotas, while Dangote Group signed a $400 million equipment deal with China's XCMG to double refinery capacity to 1.4 million bpd.

Brent crude traded at $67.78 per barrel on Monday, maintaining a $3 premium over Nigeria's 2026 budget benchmark as oil markets navigate diplomatic developments and OPEC+ supply dynamics.