Oil rally may brighten Nigeria’s outlook, says OPEC

Oil rally may brighten Nigeria’s outlook

Oil rally may brighten Nigeria’s outlook, says OPEC   The rise in global oil prices could brighten Nigeria’s outlook this year, the Organisation of the Petroleum Exporting Countries (OPEC) said in a new report. The international oil benchmark, Brent crude, reached the $60 per barrel mark for the first time in over 12 months. It traded around $61.28 per barrel as of 3:54pm Nigerian time on Friday, more than $20 higher than the Federal Government’s benchmark for the 2021 budget. The 2021 budget, which was signed by President Muhammadu Buhari…

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Trimmed demand outlook causes oil first loss in 10 days

Oil Records First Loss in 10 Days as OPEC Trims Demand

Trimmed demand outlook causes oil first loss in 10 days   Crude oil returned to the red territory on Thursday, halting a nine-day gaining streak after demand recovery was trimmed even in the face of production cuts and hopes that rollouts of vaccines will drive recovery. At the session, the price of the Brent crude depreciated by 19 cents or 0.31 per cent to sell at $61.28 per barrel, while the United States’ West Texas Intermediate (WTI) declined by 13 cents or 0.22 per cent to trade at $58.49 per…

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Oil price hits $60, highest in over 12 months

Oil Records First Loss in 10 Days as OPEC Trims Demand

Oil price hits $60, highest in over 12 months   The international oil benchmark, Brent crude, extended its rebound on Monday, hitting the $60 per barrel mark for the first since the extent of the COVID-19 pandemic became clear. The further rise in oil prices comes amid optimism for a vaccine-led economic recovery and a commitment by the Organisation of the Petroleum Exporting Countries and its allies to restrain the supply of crude oil. Brent, against which Nigeria’s oil is priced, increased by $0.76 to $60.10 per barrel as of…

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Oil rises to $56 on US stimulus prospects

Oil Records First Loss in 10 Days as OPEC Trims Demand

Oil rises to $56 on US stimulus prospects   Oil prices rose for a second consecutive day on Wednesday, as the market expects the new United States administration to ‘act big’ in the next COVID-19 relief package. As of 9:17 a.m. ET on Wednesday, the Inauguration Day for President-elect Joe Biden, West Texas Intermediate crude was up 1.53 per cent at $53.77, and Brent crude prices were trading above $56 a barrel – up by 1.16 per cent at $56.52, very close to the 11-month high prices hit last week,…

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Oil tumbles after hitting $53, OPEC+ delays decision

Oil Records First Loss in 10 Days as OPEC Trims Demand

Oil tumbles after hitting $53, OPEC+ delays decision   The international oil benchmark, Brent crude, tumbled on Monday after hitting a record high of $53 ahead of the meeting of the Organisation of the Petroleum Exporting Countries and its allies. OPEC and its allies, a group known as OPEC+, met on Monday but ended discussions without any agreement on production levels for February. The meeting was adjourned till Tuesday (today). The market declined despite expectations that OPEC+ would hold off on increasing output in February and optimism over a vaccine-driven…

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Nigeria plunges into recession as COVID-19, oil prices bite

Nigeria plunges into recession as COVID-19, oil prices bite

Nigeria has slipped into a recession after its gross domestic product contracted for the second consecutive quarter, according to official data released. Africa’s biggest economy is in recession in less than five years with the 2016 recession four years ago, being its first in a generation, and the country emerged from it the following year, 2017. However, the growth of the Africa’s biggest economy has been fragile and this was further worsened by COVID-19 pandemic that disrupted both local and global economy amid low oil prices. The continent’s top oil producer…

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Oil prices hold gains after U.S. crude inventory draw

Oil Records First Loss in 10 Days as OPEC Trims Demand

Oil prices edged higher on Thursday, extending their 2 per cent gains from the previous session, after data showed U.S. crude stockpiles fell last week, while OPEC and its allies were seen complying with their pact to curb output in September. West Texas Intermediate (WTI) crude CLc1 futures climbed 8 cents, or 0.2 per cent, to $41.12 a barrel at 0430 GMT, while Brent crude LCOc1 futures rose 7 cents, or 0.2 per cent to $43.39 a barrel. Oil markets climbed for a third day despite resurgence in COVID-19 infections…

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Crude oil price rises by 6% to $41

Oil Records First Loss in 10 Days as OPEC Trims Demand

The international oil benchmark, Brent crude, surged by six per cent on Monday after doctors said the United States President Donald Trump could soon be discharged from the hospital where he was being treated for COVID-19. The upturn in oil prices comes as six Norwegian offshore oil and gas fields were shut as more workers joined a strike, according to Reuters. Brent, against which Nigerian oil is priced, rose by $2.12 to $41.39 per barrel as of 8:05pm Nigerian time on Monday. “A lot of people thought last week’s selloff…

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Oil price rises to $40

Oil Records First Loss in 10 Days as OPEC Trims Demand

Business Metrics with Agency Report _________________________ Oil prices rose more than two per cent on Tuesday, supported by hurricane supply disruptions in the United States, but demand concerns loomed as energy industry forecasters predicted a slower-than-expected recovery from the pandemic. Brent crude gained 92 cents, or 2.3 per cent, to settle at $40.53 a barrel, while U.S. West Texas Intermediate crude futures rose $1.02, or 2.7 per cent, to settle at $38.28 a barrel. Both contracts fell on Monday, according to Reuters. Futures gained ahead of Hurricane Sally’s expected landfall…

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Finally, PPPRA removes oil cap, marketers now to determine price

PPPRA, Oil price, Oil marketers

According to the Petroleum Products Pricing Regulatory Agency (PPPRA), the federal government is no more going to be releasing guiding price bands for the sale of petrol at filling stations; hence, oil marketers are now free to fix prices,  gathered. On 19th March 2020, the government, through the PPPRA, commenced what it called a petrol pricing regime, whereby it releases bands showing upper and lower limits for the pump price of petrol monthly. It released petrol price bands for about three months although some operators faulted the decision as they…

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