Oil Price Rises Above $56 On Tight Supply Expectations         The international oil benchmark, Brent crude, rose above $56 per barrel on Tuesday, buoyed by Saudi Arabia’s plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand. While the sustained increase in...

Oil Price Nears $44     Oil prices have neared $44, on the back of hopes that the Organisation of the Petroleum Exporting Countries+ production cuts will increase amid the coronavirus pandemic to sustain price pressure. Anadolu Agency reports that Brent crude was trading at $43.30 per barrel...

W/Bank Projects Oil Price Of $44 In 2021       The World Bank has said that oil prices won’t be rising much next year either, but would average $44 per barrel, saying that prices will not recover to pre-pandemic levels at least until 2022. In its semi-annual Commodity...

$70 Oil Price Required To Sustain Budget – Fed Govt       The Minister of State for Petroleum Resources, Timipre Sylva, has said the country needs an oil price of $70 per barrel and a production of two million barrels per day to sustain its budget. Sylva said...

Seplat Suffers N49.8bn Loss Amid Oil Price Crash     One of the nation’s indigenous independent oil companies, Seplat Petroleum Development Company Plc, posted a loss of $145.3m (N49.8bn) in the first half of this year, compared to a profit of $120.4m (N37bn) in the same period...

Oil Price Hits $36 Two-month High As Demand Recovers   Oil prices rose yesterday to their highest since March 11, supported by lower United States’ crude inventories, supply cuts and recovering demand as governments ease restrictions on people’s movements imposed due to the COVID-19 crisis. Crude prices...