Energy in Brief: 4 November 2026

The day's energy news in a few minutes.

Oil

Brent crude settled at $103.60 a barrel on Tuesday, down $1.17, after a fall of $8.66 on Monday, Reuters reported. It was the lowest close since 7 October, as traders weighed hopes of peace talks in Ukraine and Iran.

NNPC chief Bayo Ojulari told ADIPEC in Abu Dhabi that crude output has risen from about 1.2 million to 1.8 million barrels a day. The regulator's September figures show a monthly average of 1.53 million for crude alone. We compare the numbers.

At the same conference, NUPRC chief executive Oritsemeyiwa Eyesan urged investors to bid in the 2026 licensing round, whose portal opens on 20 November. She said the environment is "a lot more competitive" than before, Premium Times reported. The commission also plans to restore more than 788,000 barrels a day of shut-in output. Our earlier story covers the 40 blocks on offer.

Fuel

An analyst told Nairametrics petrol could reach about ₦1,411 a litre in Lagos this month. Marketers' groups doubt it. Read more.

Power

Atiku Abubakar, the ADC presidential candidate, said he would work with states and regulators to abolish the Band A to E tariff system. The APC campaign said fixing power "remains unfinished". What each side said.

The federal government paid about ₦680 billion in electricity subsidy in the first half of 2026 and plans to start phasing it out from 2027. We explain what that means for your bill.

Gas

NNPC said the OB3 gas pipeline was completed in August and that more than 400 CNG conversion centres have been set up.

Money

Applied for Dangote refinery shares? Here is what happens before trading starts. And why a dollar costs ₦1,346 in one place and ₦1,395 in another: the naira's two rates, simply.

Africa

South Africans vote in local elections today, with municipalities owing Eskom R122.5 billion. Read the story.

Kenya and China signed an agreement for 80 off-grid solar systems at rural schools, clinics and water points. Read more.

In Ghana, GRIDCo and ECG are cutting power in parts of the Ashanti Region from 9am to 5pm on scheduled weekdays until 29 November, as they upgrade the 161kV Anwomaso to Ahodwo line. The work is 70% complete, they said.

What it means for you

Lower crude is good news for pump prices if it lasts. The power debate matters more: the subsidy that keeps most bills below cost is due to start shrinking from 2027, and who pays will shape the campaign.