• Oil prices nosedive over renewed U.S., Iran negotiations

Data from the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) has shown that oil producers in Nigeria supplied about 80 per cent of the crude oil processed by domestic refineries, while the refiners, particularly the Dangote Refinery, imported about 20 per cent between January and July this year.

Coming as oil prices nosedived by 3.37 per cent yesterday to $88.8 per barrel following renewed hope of negotiations between the U.S. and Iran, NMDPRA data showed that domestic refineries processed 117 million barrels of crude oil in the first seven months of the year.

The NMDPRA data showed that domestic refineries received a total of 116.88 million barrels of crude oil between January and July, with 92.83 million barrels supplied by Nigerian producers and 24.05 million barrels imported, underscoring the continued reliance on local feedstock despite significant import volumes by some refiners.

The figures indicate that domestic crude accounted for 79.4 per cent of total refinery feedstock during the period, while imported crude made up the remaining 20.6 per cent.

A month-by-month breakdown showed that refineries received 9.54 million barrels in January, of which 8.83 million barrels came from domestic producers and 0.71 million barrels were imported.

Receipts increased to 13.13 million barrels in February, driven largely by a jump in imports to 4.25 million barrels, while domestic supplies edged up slightly to 8.88 million barrels.

March recorded the highest crude receipts of the seven months at 20.92 million barrels, with imports reaching 9.43 million barrels and domestic supplies contributing 11.49 million barrels.

In April, imported feedstock dropped sharply to just 0.41 million barrels, while domestic supplies surged to 17.96 million barrels, bringing total crude receipts to 18.37 million barrels.

Total supplies eased slightly to 17.92 million barrels in May, with domestic crude accounting for 15.84 million barrels and imports standing at 2.08 million barrels.

June witnessed another increase in total receipts to 19.12 million barrels, supported by 17.08 million barrels of domestic crude and 2.04 million barrels of imports.

By July, overall crude receipts declined to 17.88 million barrels as imports climbed to 5.13 million barrels, while domestic supplies fell to 12.75 million barrels.

The figures reflect the growing role of local crude in feeding Nigeria’s expanding refining capacity, even as refiners, particularly the 650,000 barrels-per-day Dangote Refinery, continue to source foreign grades for operational flexibility and feedstock optimisation.

The latest data also suggest that domestic supply became increasingly dominant after March, with local producers providing more than 88 per cent of refinery feedstock in both May and June, although the import share rose again in July.

Meanwhile, global oil prices came under pressure yesterday as renewed hopes of negotiations between the United States and Iran weighed on market sentiment.

Brent crude fell by 3.37 per cent to $88.8 per barrel, reversing earlier gains as traders reacted to signals that diplomatic engagement could ease concerns over future oil supplies.

The price movement came despite the Trump administration’s renewed sanctions pressure on Iran, including measures that have tightened restrictions on the country’s crude exports.

Market data showed that Iran’s crude exports in August had slowed significantly from the 2025 average of 1.7 million barrels per day, falling to around 0.3 million barrels per day, or approximately 300,000 barrels daily, with only one confirmed loading from the country’s largest export terminal at Kharg Island.

Although Chinese imports of Iranian crude remain around 800,000 barrels per day, analysts noted that much of that volume had been sustained by inventory drawdowns, raising the prospect of weaker purchases in the coming months if export restrictions persist.

Iran’s floating crude storage outside the Gulf has also fallen to 24 million barrels, down 7 million barrels since the beginning of August, as Chinese buyers continue to absorb remaining available cargoes.

At the same time, Nigeria’s flagship Bonny Light crude grade is expected to load about 319,516 barrels per day in October, according to the provisional lifting schedule seen by commodity pricing agency Platts.

The schedule contains 11 cargoes totalling about 9.905 million barrels, with the Nigerian National Petroleum Company Limited (NNPC), Shell and TotalEnergies listed among the lifters.

Bonny Light was last assessed by Platts at a $ 3.85-per-barrel premium to Dated Brent, reflecting continued demand for the premium low-sulphur crude grade in international markets.