Petrol Price May Rise As Brent Stabilises Around $35/barrel
Brent, the oil against which Nigeria’s crude is priced, has hovered around $35 per barrel for about one week, raising concerns of a possible hike in petrol price in Nigeria any time soon.
An analysis of global...
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...
Nigeria’s Active Oil Rigs Drop By 24%
The number of active oil rigs in the country fell by 23.8 per cent to 16 in April amid the coronavirus-induced collapse in prices and demand for crude.
Data obtained from Baker Hughes Incorporated and the Organisation of Petroleum...
417,000bpd Oil Cut’ll Deepen Nigeria’s Recession - Fitch
A global credit ratings agency, Fitch Ratings, has said Nigeria’s compliance with the oil production cut deal led by the Organisation of Petroleum Exporting Countries will lead to deeper economic contraction and fiscal deficits.
It also said the...
Oil Records Second Monthly Drop, Unsold Cargoes Increase
Crude oil in the Organisation of Petroleum Exporting Countries reference basket dropped for the second consecutive month in April, shedding 48 per cent of its worth, as cargoes of unsold oil continued to accumulate, OPEC has said.
In...
OPEC+ Wants To Maintain Output Cuts Beyond June
The Organisation of Petroleum Exporting Countries and its allies want to maintain existing oil cuts beyond June to shore up prices and demand, four OPEC+ sources were quoted by Reuters as saying on Tuesday.
Global oil demand has...
