OIL PRICES TODAY

BRENT CRUDE OIL: $69.38/BL (UP 0.33) | LIGHT CRUDE OIL: $63.97/BL (UP 0.37%) | NATURAL GAS: $3.232/MMBTU (UP3.29%)

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Facts & Figures

2.05m

Daily oil production

Total production, condensate inclusive, was 2,057,482.83 barrels per day for December 2017, according to ministry of petroleum resources

N171

PMS landing cost

Landing cost of petrol is N171 per litre while regulated pump price is N145 per litre, resulting in stoppage of importation of the product by independent marketers.

36.97m

daily PMS truckout

36.97 million litres of PMS were trucked out daily in December 2017. The figure for November was 31.27 million

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Infographs

Learn Oil and Gas

with Animations

Oil and gas are generated from a source rock, organic matter buried in the depths of the earth. Once formed, they climb back towards the surface. On their way, cap rocks can impede their progress and they accumulate in reservoir rocks.

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