Oil

Nigeria’s economic outlook gains support from rising global oil prices and stronger foreign exchange inflows, which are boosting the naira.

February 01, 2026 Reported by AI

The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Nigerian National Petroleum Company Limited for failing to account for missing funds amounting to ₦22.3 billion and $49.7 million from oil revenues.

GeoPark reported an average annual production of 28,233 barrels of oil equivalent per day (boepd) in 2025, exceeding its guidance range of 26,000 to 28,000 boepd. In the fourth quarter, production reached 28,351 boepd, driven by optimizations and key divestitures. The company operated six drilling rigs and completed 16 wells over the year.

January 22, 2026 Reported by AI

President Tinubu has approved oil drilling at Ogun Waterside. He has also okayed the Olokola Deep Seaport's takeoff. Governor Abiodun disclosed this.

JP Morgan released its first report of the year on global markets strategies, highlighting a potential rebound in Venezuelan oil supply to 1.2 million barrels per day in coming months. For Colombia, it forecasts 2.8% GDP growth this year and 6.1% inflation by year-end. The report also covers geopolitical tensions and the US labor market.

January 12, 2026 Reported by AI

US President Donald Trump criticized ExxonMobil and threatened to bar its investments in Venezuela after the company's CEO called the country unviable for investment. The remarks followed a White House meeting aimed at securing $100 billion in private investments to rebuild Venezuela's oil sector. Despite initial skepticism, Exxon plans to send a technical team to the country soon.