Tag: Oil Price
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JUST IN: Oil price hits $71.28 per barrel
Oil price has risen to $71.28 per barrel in the international market, for the first time in the year 2021. This is coming on the heels of Thursday’s meeting where the Organisation of Petroleum Exporting Countries (OPEC) and other members resisted the pressure to increase production. Before Thursday’s meeting, Brent oil was up $1.28, or…
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FG welcomes rising crude oil price – Minister
The Federal Government has described as a welcome development the rising price of crude oil in the global market, saying, “this is a good omen for Nigeria”. The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, made this known on Thursday in Abuja when she addressed State House correspondents on the state of…
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Oil price rises to $58, OPEC+ commends adherence to output cut
The Organisation of Petroleum Exporting Countries (OPEC) said its members had achieved 101 per cent adherence to crude oil output cut mandatorily agreed upon last year to curb huge supply glut. This is coming as oil price rose to $58 per barrel yesterday hitting over 11-month high after major producers showed they were cutting crude…
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Oil prices edge higher on output cuts, COVID-19 weighs
Crude oil prices rose on Tuesday, supported by production cuts in the U.S. Gulf Coast as Tropical Storm Laura was forecast to become a major hurricane. Also, rising coronavirus cases in Asia and Europe capped gains. Brent crude oil futures added 37 cents, or 0.82 per cent, to $45.50 a barrel by 1048 GMT and…
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Oil price falls to $22, lowest in 18 years
The international oil benchmark, Brent crude, plunged to its cheapest in 18 years on Monday as it traded around $22 per barrel. This comes amid growing fears that the global coronavirus shutdown could last months and demand for fuel could decline further. Brent crude, against which Nigeria’s oil is priced, fell by $2.83 to $22.10…
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Nigeria faces economic pressures as oil price falls to $24
Nigeria is apparently facing a hard time as oil price slumped further to $24, its lowest in seventeen years. The Brent crude fell by $3.84 to $24.89 per barrel as of 7.05 pm Nigerian time on Wednesday, its lowest level since late 2002. This continuous fall in prices is a fallout of the ongoing price…
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COVID-19: Oil Price Drop, Wake up Call to Nigeria – Omo-Agege
The market slump of crude oil price due to the global outbreak of Coronavirus pandemic is a wake up call for Nigeria to look towards a life without oil, Deputy President of the Senate, Senator Ovie Omo-Agege has said. This, according to him, would require bold policy changes to restructure the country’s mono-product economy. Speaking…
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FG targets budget cut as projected oil price heads for $20
Due to the volatility of oil prices at the international market, the Federal Government, has announced plans to cut its 2020 budget. Recall that President Muhammadu Buhari, in December, signed a N10.59 trillion 2020 budget, on the assumption of oil production of 2.18 million barrels per day with an oil price benchmark of $57 per…
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Nigeria in serious trouble as Oil price falls to $31 after Saudi Arabia triggers price war with Russia
Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak. Brent crude futures fell by as much as $14.25, or 31.5%, to $31.02…
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Trouble ahead for Nigeria: Oil prices could fall to $40 in 2020
Oil prices forecast to fall southwards to about $40 per barrel in 2020, without output cuts. It’s bad news for Nigeria and other OPEC countries and Russia as they meet in Vienna on 5 December to discuss output levels for next year. The market forecast for next year is grim: unless OPEC countries agree to…