Crude Price

The international oil benchmark, Brent crude, climbed above $84 per barrel on Wednesday on tight supply and easing concerns about the potential impact of Omicron coronavirus variant on demand. Brent, against which Nigeria’s crude oil is priced, rose by $1.42 to $85.14 per barrel as of 7.00pm Nigerian time on Wednesday. The Senior Market Analyst, Asia Pacific at OANDA, Jeffrey ...

he US has said it is releasing 50 million barrels of oil from its reserves in an attempt to bring down soaring energy and petrol prices. But members of OPEC + are planning to take steps to check possible oil glut if the US and other major oil consumers release reserves. This move by the US is being taken in ...

Oil prices dropped early on Wednesday after China said it was considering an intervention on the domestic coal market to reduce the record prices down to a “reasonable range.” As of 7:56 a.m. EDT on Wednesday, before the weekly EIA inventory report, WTI Crude prices were down 1.11% at $82.04, and Brent Crude was trading down by 0.96% to $84.26. ...

For the first time since 2018, Brent crude on Friday topped $85 a barrel in London, the latest milestone in a global energy crisis that has seen prices soar. Bloomberg reports that the global benchmark rose above the key level in intraday trading, but did not settle above it. U.S. crude futures posted an eighth straight weekly gain, the longest ...

Nigeria pumped about 155,000 additional barrels of crude oil per day (bpd) in September, to hit an average of 1.451 million bpd, latest data from the Monthly Oil Market Report (MOMR) published by the Organisation of Petroleum Exporting Countries (OPEC), indicated yesterday. It was a major improvement when compared to the 1.296 million barrels per day produced averagely in August, ...

…………by Abisoye Shola……..Vitol, a major global oil trader has projected that oil price could hit the roof before the end of this year. The company’s Group Executive, Russell Hardy has said that oil price may rise to $80 per barrel and even above before the year end According to Hardy, the gas supply crunch will spur demand for alternatives, lifting ...

The Nigerian National Petroleum Corporation (NNPC) yesterday said the global natural gas crisis, which has resulted in rising prices, could push up oil prices by as much as $10 a barrel over the next three to six months. Wholesale gas prices have surged by 250 per cent since the beginning of the year, including a 70 per cent rise, disrupting ...

The decision by the Organisation of Oil Exporting Countries (OPEC) to pump 400,000 barrels per day of crude oil into the market on a monthly basis from August, yesterday pushed oil price to a record low of $69 per barrel, but Nigeria’s sweet crude, Bonny Light remains bullish at $75.23. With gradual stability, notwithstanding the uncertainty in the market, analysts ...

…seek expansion of oil, maritime contribution to economy…… Stakeholders in the oil and gas industry, as well as the maritime sector, have stated that the country can boost the sectors’ contribution to the economy by about $8 billion via crude oil transportation. Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari; Director of the Department of Petroleum ...

……..by Jenifer Dike……The price of crude oil in the international market has kept a steady rise hitting $75 per barrel as OPEC member countries are projecting an $80 per barrel before the end of this month of June. The rise has been predicated on post covid-19 opening globally even as India experiences declined in number of cases. Furthermore this is ...