Budget Threatened As Oil Price Sinks To $56   The international oil benchmark, Brent crude, tumbled on Wednesday to $56 per barrel, its lowest level in seven years as the United States-China trade war worries gripped the market. The decline in oil price imposes a serious threat...

Oil Price Drops Below $60 Budget Benchmark The international oil benchmark, Brent crude, extended its decline on Monday, trading below Nigeria’s $60 per barrel budget benchmark. Brent, against which Nigerian crude oil is priced, dipped by $2.10 to settle at $59.79 per barrel as of 7.45pm...

Oil Price: Nigeria, Others Commit To Surpass Voluntary Output Cut   Nigeria and other member countries of the Organisation of Petroleum Exporting Countries (OPEC) as well as their non-OPEC allies led by the Russian Federation have said they are committed to making their voluntary oil production...

Amid OPEC Cuts, Oil Price Hits $67.14 Oil prices yesterday hovered close to 2019 highs at $67.14, bolstered by OPEC-led supply cuts and US sanctions on Venezuela and Iran, but was prevented from rising further by slowing growth in the global economy. Nigeria on Wednesday pledged...

FG To Reverse Budget Benchmark If Oil Price Drops Below $60/Barrel The Federal Government will be forced to reconsider its oil price benchmark for the 2019 budget estimates if the global oil price drops below $60 per barrel, analysts at FSDH Research have said. The head...

Increased oil production in the United States is hampering efforts to balance out market supply and demand, OPEC has complained. While a “rebalancing of the market” was “underway,” it was “at a slower pace than originally anticipated,” the Organization of Petroleum Exporting Countries wrote in...