INTERNATIONAL CRUDE OIL PRICE VOLATILITY AND THE PERFORMANCE OF THE NIGERIAN NATIONAL PETROLEUM CORPORATION OF NIGERIA

Abstract

This work evaluated the international crude oil price volatility and the performance of the Nigerian National Petroleum Corporation of Nigeria. The specific objectives were to evaluate the extent of the effects of world crude oil supply, world crude oil demand, domestic Premium Motor Spirit (PMS) prices, and International Crude Oil Price volatility on the performance of the Nigerian National Petroleum Corporation. The study adopted an ex post facto research design.

Key Highlights

• Crude oil is a key global commodity essential for energy and economic activity.
• Oil price volatility is driven by supply, demand, and global events like COVID-19.
• Nigeria is highly exposed to oil price shocks due to its dependence on oil revenue.
• Crude oil variables (supply, demand, ICP, PMS price) significantly affect NNPC performance.
• COVID-19 caused major oil price crashes and reduced global demand.

About the Author

Prof. Billy OKOYE is a distinguished authority in the Oil, Gas, and Energy industry, with over three decades of extensive, hands-on experience across the Upstream, Midstream, and Downstream sectors. His expertise spans strategic management, academic research, and industry leadership, making him a trusted voice in energy sector discourse.