The Organisation of Petroleum Exporting Countries, OPEC, has identified sentiment, speculation and rumours as major determinants of developments in the global oil market. In his presentation at the Ninth IEA-IEF-OPEC Symposium on Energy Outlooks in Saudi Arabia, OPEC’s Secretary-General, Dr. Mohammad Barkindo stated: “Unfortunately, the oil market can often be subjected to forces which are […]
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The execution of Nigeria’s 2019 budget will likely encounter a serious threat as the price of Bonny Light, the nation’s premium oil grade, yesterday, hovered at $52.72 per barrel in the international market. The price, which had dropped to as low as $48 last week, before hovering at the current level, showed $7.28 below the […]
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The price of crude oil, yesterday, dropped to $50.00, showing $10 below Nigeria’s $60 per barrel 2019 budget benchmark in the volatile global market. The price of Brent, West Texas Intermediate, WTI, and Organisation of Petroleum Exporting Countries, OPEC, basket of 15 crudes stood at $50.00, $45.00 and $53.92 per barrel respectively. Traders attributed the […]
Read More The declining global oil price in the last one week may shatter Federal Government’s economic projections for 2019 as well as impact adversely on its Medium Term Expenditure Framework, MTEF, if the trend is not reversed soon. Data from the Organisation of Petroleum Exporting Countries, OPEC, shows that prices are still trending down hitting a […]
Read More 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 prices edged up on Friday, stabilizing after an earlier slide driven by U.S. President Donald Trump’s criticism of OPEC’s role in pushing up global oil prices. Brent crude oil futures gained 28 cents, or 0.4 percent, to settle at $74.06 per barrel. West Texas Intermediate crude futures for delivery in June, the most active […]
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Oil prices rose on Thursday, buoyed by the U.S. government data showing a surprise drawdown in crude stockpiles and an easing of tensions over a trade row between the United States and China. U.S. West Texas Intermediate crude for May delivery was up 20 cents, or 0.3 percent, at $63.57 a barrel by 0646 GMT […]
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Oil edged up on Tuesday, supported by a recovery in the equities market and on a technical bounce for crude after the biggest daily percentage drop in almost a year, but Brent futures stayed well below $70 a barrel. Brent crude futures gained 48 cents, or 0.7 percent, to settle at $68.12 a barrel. This […]
Read More Oil prices edged up on Tuesday, after having posted their biggest one-day fall in almost a year the previous day, although higher Russian output and Saudi Arabia possibly cutting its selling prices acted as a drag. The mood across financial markets was cautious after China announced last week it would slap extra tariffs on 128 […]
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Oil prices jumped more than 1 percent on Friday, pushed up by Saudi plans for OPEC and Russian led production curbs introduced in 2017 to be extended into 2019 in order to tighten the market. The rise in oil prices defied global stock markets, which slumped on the back of worries about a trade stand-off […]
Read More Oil prices eased on Monday after rallying at the end of last week, but tensions between Saudi Arabia and Iran helped limit losses. Prices had climbed on Friday after Saudi Crown Prince Mohammed bin Salman said the kingdom would develop nuclear weapons if arch-rival Iran did. Petromatrix analyst Olivier Jakob said prices were “really giving […]
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The United States will overtake Russia as the world’s biggest oil producer, if not this year, but by 2019 at the latest, the International Energy Agency (IEA) has decleared. This was even as US oil imports dropped to its lowest level since 2001. IEA Executive Director, Fatih Birol, said this at an event in Tokyo […]
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