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Impact OPEC Report

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Oil prices rise on trade deal hopes as OPEC cuts supply

Oil prices rise on trade deal hopes as OPEC cuts supply

2019-03-04 09:30:31

Oil prices rose on Monday, buoyed by output cuts by OPEC and reports that the United States and China are close to a deal to end a year-long tariff row. Men at work International Brent futures were at 65.25 dollars a barrel at 07:13 GMT, up 18 cents, or 0.3 per cent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at 55.94 dollars per barrel, up 14 cents or 0.3 per cent. The U.S. and China appeared close to a deal that would roll back U.S. tariffs on at least 200 billion dollar worth of Chinese… continue reading


Fall of oil price threatens government’s revenue projections

Fall of oil price threatens government’s revenue projections

2017-03-24 06:44:41

The fall in price of crude from $50 to $48 a barrel as at yesterday is threatening the revenue projections of the Federal Government. With approved crude oil price benchmark in the 2017 budget at $44.50 per barrel, about $3.5 is now being earned as excess revenue per barrel of crude oil exported at the prevailing market price of $48 a barrel. But, at the former price of $50 per barrel, the country was retaining about $5.5 as excess revenue per barrel. Therefore at Nigeria’s production figure/ Organisation of the Petroleum Exporting Countries (OPEC) quota of 2.2 million barrels per… continue reading


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