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Commodities

Nigeria's Crude Supply to Local Refineries Surges by 88%

Guavy AI Editorial Team
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Oil
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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a significant increase in crude oil and condensate supplied to local refineries, reaching 53.7 million barrels in the second quarter of 2026.

This represents an 88.4% increase from the previous quarter's 28.5 million barrels.

The surge is attributed to increased local oil production and the signing of long-term crude supply agreements supported by bankable Sales and Purchase Agreements between producers and domestic refiners.

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