How sinking oil price exposed impacts of herdsmen on agro export, diversification
Rewinding back to May 29, 2015 when the current administration of President Muhammadu Buhari was first inaugurated, there were high hopes of strategic diversification of the economy that will be powered by agro-revolution. Virtually every state and community geared up…
Oil prices jump on OPEC cut move as demand overrides COVID-19 fears
Oil prices rose for a second day on Tuesday on expectations that central banks are likely to enact financial stimulus to offset the impacts of the coronavirus outbreak and growing optimism that OPEC will order deeper output cuts this week….
Rising attack threats between US, Iran over Soleimani killing jump oil price to $70
Economies like Nigeria, whose mainstay remains oil earnings, are in for gains as global oil prices rose a further two per cent on Monday, pushing Brent above $70 a barrel. This stemmed from rising attack threats and build up for…
Increased US rig count, China industrial slowdown weakens oil price
Monday dealings in global oil market have shown that oil prices fell by 1 percent after U.S. companies’ added rigs for the first time this year, a signal that crude output may rise further, and China, the world’s second-largest oil…
Falling oil price: Rewane gives FG two options: adjustments or restrictions
Following the observed steady drop in global oil prices, the Managing Director of Financial Derivatives Company Limited, Mr. Bismarck Rewane, has called on the federal government to begin a paradigm shift with downward review of the planned $65 oil benchmark…
Fears over Saudi Arabia, Russia possible glut draw down oil price
Oil prices inched down on Wednesday amid concerns that Saudi Arabia and Russia will pump more crude in the second half of the year in response to falling global crude inventories and rising consumer prices. Saudi Arabia and Russia have…
Oil price zooms to $75 on Saudi’s desire for international price hike
Fuel scarcity may begin from next week in major cities if… Oil prices shut up to its highest since late 2014 as U.S. crude inventories declined after indications emerged that Saudi Arabia is seeking to push oil prices higher. However,…
Nigerian economy stabilizing as oil price zooms to $57 per barrel
Chances of recovering Nigerian economy from recession strengthened on Wednesday as oil prices rose to $57 per barrel in spite of a rise in US crude inventories. On Friday, the Organization of the Petroleum Exporting Countries (OPEC) and other producers…
Rising oil price to $55 on hurricanes impacts may be blessing for Nigeria
Weekend, global oil-markets saw Brent crude supported by Saudi Arabia hoping to cut October supplies, while United States crude was curbed by refinery-outages due to Hurricane-Harvey damages, which dented demand. However, just as real focus was shifting to three other…
Can 2017 budget survive if OPEC compels Nigeria to cut output on falling oil price?
Indication has emerged that the Nigerian economy as planned to be driven by the 2017 national budget may be under serious threat, if the speculation making the rounds on the possibility of oil cartel, OPEC, compelling Nigeria to join production…
