Output cut pushes oil price to $57, highest in 12 months

For the first time in 2021, the price of Nigeria’s Bonny Light, Wednesday, rose to $74.68 from $72.60 per barrel.

Output cut pushes oil price to $57, highest in 12 months   The international oil benchmark, Brent crude, rose more than two per cent on Tuesday, hitting a 12-month high after major crude producers showed they were reining in output roughly in line with their commitments. Brent crude, against which Nigeria’s oil is priced, was up $1.27, or 2.3 per cent, at $57.62 a barrel by 1320 GMT, its third straight day of gains and the highest levels since late February last year, according to Reuters. The United States benchmark,…

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Oil price hits $55 per barrel; sets 11-month high record

Oil price hits $55 per barrel

Oil price hits $55 per barrel; sets 11-month high record Raises hope for Nigeria’s 2021 budget Saudi’s voluntary output cut to thank   The international oil benchmark, Brent crude, extended its gains on Friday, rising above $55 per barrel, in what is a potential boost to Nigeria’s crude oil export revenue. Brent crude, against which Nigeria’s oil is priced, hit an 11-month high of $55.41 per barrel as of 2:50pm Nigerian time on Friday, trading more than $15 higher than the Federal Government’s benchmark for the 2021 budget. The 2021…

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Oil hits $40, Nigeria cuts production by 216,000bpd

For the first time in 2021, the price of Nigeria’s Bonny Light, Wednesday, rose to $74.68 from $72.60 per barrel.

Global oil commodities gained in prices on Wednesday as Brent crude, the benchmark against which Nigeria’s crude is priced, rose to $40 per barrel for the time since March. Brent crude rose by 43 cents, or 1.1 per cent, to $40 per barrel, as of 02:52 GMT. This came as the Minister of State for Petroleum Resources, Timipre Sylva, declared that Nigeria’s compliance to the crude oil production cut that was agreed by members and non-members of the Organisation of Petroleum Exporting Countries had reached 52 per cent. In a…

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