Nigeria cashes in big as Price of Bonny Light hits $74.68 per barrel

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

Nigeria to cash in big as Price of Bonny Light hits $74.68 per barrel     For the first time in 2021, the price of Nigeria’s Bonny Light, Wednesday, rose to $74.68 from $72.60 per barrel. The bullish market was bouyed by rising demand and efforts of the Organisation of Petroleum Exporting Countries (OPEC) to achieve market stability This indicates an excess of $34.68 per barrel on the nation’s 2021 budget benchmark of $40 per barrel and 1.86 million barrels per day, mb/d, including Condensate. Similarly, the prices of other…

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Oil price sustains steady rise to near $72 per barrel

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

Oil price sustains steady rise to near $72 per barrel     Crude oil price closed in on the $72 mark as Brent crude hit $71.85 per barrel on demand optimism and an American Petroleum Institute (API) report of larger than expected draw in crude oil inventories of 5.36 million barrels for the week ending May 28. Analysts had predicted a draw of 2.114 million barrels for the week. Business Metrics reported that the API, in the previous week reported a draw in oil inventories of 439,000 barrels after analysts had predicted…

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OPEC urges Nigeria, others to stick to production cut

OPEC urges Nigeria, others to stick to production cut

OPEC urges Nigeria, others to stick to production cut Mohammed Sanusi Barkindo, the Secretary-General of the Organisation of the Petroleum Exporting Countries has said OPEC and its allies need to remain disciplined with their production to ensure full oil price recovery as the global economy continues to rebound from the COVID-19 pandemic. “We must emphasise in strong terms: cautious optimism, cautious optimism, cautious optimism,” Barkindo said at a delegate-level OPEC+ technical committee meeting on Tuesday, two days ahead of when ministers will convene online to decide on production levels for…

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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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Oil price hits $60, highest in over 12 months

Crude oil prices drop, pressured by stronger U.S. dollar

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 prices hold gains after U.S. crude inventory draw

Crude oil prices drop, pressured by stronger U.S. dollar

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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OPEC Outlook: Time to get real?

By Han Tan ___________________ Oil prices remain relatively stable, as investors await OPEC’s World Oil Outlook due later today. It comes at a time when demand-side concerns continue to weigh on prices, while the OPEC+ supply cuts programme is set to be pared back further in January. Such a context has lent itself to both Brent and WTI futures, in September, posting their first monthly losses since April. Brent extended those declines by falling by another 0.7 percent so far in October, struggling to break above its 100-day simple moving…

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Oil drops more than $1 after Saudi price cuts, demand optimism fades

Oil rally may brighten Nigeria’s outlook

Oil prices dropped more than $1 a barrel on Monday, hitting their lowest since July. The drop is coming after Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months as optimism about demand recovery cooled amid the coronavirus pandemic. Brent crude was at $41.75 a barrel, down 91 cents or 2.1 per cent by 0000 GMT, after it earlier slid to $41.51, its lowest since July 30. U.S. West Texas Intermediate crude skidded 91 cents or 2.3 per cent to $38.86 a barrel. Front-month…

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Expected increased output overshadows OPEC+ weekend pact

Oil rally may brighten Nigeria’s outlook

 BusinessMetricsNG with wire report weakens Crude-oil futures Crude-oil futures turned lower Monday as investors focused on the prospect of increased output from some countries. This is coming even after Organisation of Petroleum Exporting Countries (OPEC) and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July. Overall compliance to the production-cut deal, which was a sticking point headed into the gathering, has been a consistent worry, experts said. A fear of a ramp-up in output from North…

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