The price of crude oil, yesterday, dropped from $50 to $48 in the international market, showing $12 below Nigeria’s $60 per barrel 2019 budget reference price. Specifically, the price of Brent, West Texas Intermediate, WTI and the Organisation of Petroleum Exporting Countries, OPEC, basket of 15 crudes stood at $48.00, $43.38 and $47.92 per barrel […]
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Against the backdrop of a long and steady decline in the international oil price, the Federal Government may have started reviewing developments in the global oil market with the intention of adopting a new oil price benchmark for its 2019 budget. This came as the decline appeared to have bottomed out, yesterday. The ₦8.6 trillion […]
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Following the rally in global crude oil prices, Nigeria has recorded a significant increase in oil export revenue as the country earned an estimated $26 billion in the first seven months of this year. The country saw its oil export revenue rise by 30 per cent to $34 billion in 2017 from $26 billion in […]
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Oil rose on Monday, hitting a two-and-a-half-week high, supported by strong U.S. demand and comments from Saudi Arabia that it would continue to curb production in line with OPEC-led efforts. Brent crude rose 20 cents to $67.51 a barrel at 11:35 a.m. (1635 GMT), after rising almost 4 percent last week. U.S. West Texas Intermediate […]
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Petrol marketers are insisting on the exchange rates of not more than ₦240 per dollar to import and recoup their investment, the Independent Petroleum Marketers Association of Nigeria (IPMAN) National Operation Controller, Mr. Mike Osatuyi, has said. He said the body has met the Federal Government on the issue, noting that foreign exchange (forex), especially […]
Read More Oil prices fell on Friday as the dollar surged following strong U.S. jobs numbers, though compliance with output cuts by OPEC and rising global demand kept much of the early year oil rally in place. An increasingly correlated trade between oil, stocks, bonds and the dollar has amplified swings in the markets. U.S. West Texas […]
Read More Oil prices held firm on Monday, supported by strong demand, a weak dollar and ongoing supply cuts lead by OPEC and Russia, although soaring U.S. output means many analysts expect crude prices to fall later in the year. U.S. West Texas Intermediate (WTI) crude futures were at $66.34 a barrel at 0144 GMT, up 20 […]
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Oil prices are more susceptible to political events than in the past few because of a dwindling global supply cushion, the chief executive of Italy’s energy firm Eni Claudio Descalzi said. Speaking to Reuters on the sidelines of the World Economic Forum in Davos, Descalzi said that production cuts by OPEC members and Russia and […]
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Oil hovered near a three-year high of $70 a barrel on Monday on signs that production cuts by OPEC and Russia are tightening supplies, but analysts warned of “red flags” due to surging U.S. production. International benchmark Brent crude futures were trading 3 cents lower at $69.84 by 1522 GMT, having risen above $70 earlier […]
Read More Oil prices dipped on Monday as rising drilling activity in the United States pointed to higher future output, although output cuts led by OPEC and Russia as well as healthy demand kept crude near December 2014 highs reached last week. Brent crude futures, the international benchmark for oil prices, were at $69.72 per barrel at […]
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Oil prices have risen above $70 per barrel for the first time since 2014 as investors bet supply cuts led by OPEC will dominate the market this year. But some traders are sounding a warning – the world’s biggest crude consuming region, Asia, is showing signs of an impending downward correction. Prices for Brent crude […]
Read More Oil prices hit their highest levels since 2014 on Wednesday due to ongoing production cuts led by OPEC as well as healthy demand, although analysts cautioned that markets may be overheating. A broad global market rally, including stocks, has also been fuelling investment into crude oil futures. U.S. West Texas Intermediate (WTI) crude futures were […]
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