Decline in oil prices delays Nigeria’s $5 billion loan negotiation with Aramco
A drop in oil prices means Nigeria would need to commit more crude to secure the loan
Tag: Oil prices
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Oil price of $80–95 per barrel could be new normal in 2024
Elevated oil prices may be here to stay for the medium-to-long term, but it would have to take extreme geopolitical risks to push prices into triple digits in the immediate future, according to Ole Hansen, head of commodity research at Danish investment bank Saxo Bank.
Historic production cuts: Implications for Nigeria
During the public holidays, the alliance of OPEC+ producers, G-20 energy ministers and other oil producers reached a landmark deal which could cut close to 15.0mb/d from global oil supply. The details of the deal include; A 9.7mb/d oil production cut from OPEC+ producers for two months ending in June 2020. Over the next six…
OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand…
G20 backs OPEC+, but deal in jeopardy as Mexico refuses cuts
Mexico is the lone holdout in a global deal to save the oil and gas industry. US set to see production decline In an historic effort to power the oil and gas industry out of its worst tailspin in its 100-year history, the United States, Canada and other G20 nations are backing the OPEC+ group…
There is still hope for oil prices
U.S. West Texas Intermediate and international benchmark Brent crude oil futures are likely to firm next week after OPEC and its allies agreed to a historic production cut agreement on Friday. The reason we’re not too enthusiastic about a major breakout to the upside or change in trend is because dealmakers hit a snag and…
FG constitutes committee to review oil benchmark for 2020 budget
Damilola Shittu – Abuja Following the drastic fall in the global price of crude oil, the federal government Monday in Abuja raised a committee to come up with a new oil benchmark for the 2020 budget. Buhari had on December 17, 2019 signed N10.59 trillion 2020 budget with $57 oil benchmark and N305 to $1…