crude oil prices - Business Metrics

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

Feb 3, 2021 Banjo Olaniran

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,…

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

Jan 9, 2021 Banjo Olaniran

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…

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

Jun 4, 2020Jun 4, 2020 Business Metrics

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…