• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News Politics

Brent Crude Falls To $39, FG’s Savings Threatened

Editor by Editor
December 11, 2015
in Politics
Here Is A Grand Plan To Make Sure Oil Price Never Falls Below $70″
Share on FacebookShare on TwitterShare on Linkedin

Global benchmark Brent crude on Thursday extended its losses, dropping to $39 per barrel thereby threatening the Federal Government’s ability to save earnings from crude oil sales next year.

The Federal Executive Council had earlier this week proposed $38 per barrel as the oil benchmark price for the 2016 budget, down from $53 this year.

The Excess Crude Account, into which the country saves the difference between the market price of oil and the budget benchmark to provide a cushion when oil prices fall or extra cash is needed for spending on infrastructure, has been depleted in recent times as oil revenues plunged.

RelatedStories

Top 10 African countries with the highest international airfare charges in 2024

Top 10 African countries with the highest international airfare charges in 2024

July 7, 2025
Lagos emerges the world’s fastest-growing tech city in 2025 

Most expensive African countries to rent a home in 2025 

June 24, 2025

The account, which stood at about $4.11bn in October 2014, dropped to $2.45bn in December that year, down from about $3.11bn in November. The balance in the ECA was put at $2.1bn in July this year.

Senators on Wednesday disagreed among themselves on the $38 per barrel proposed by the Federal Executive Council as the oil benchmark price for the 2016 budget, which was contained in the Medium Term Expenditure Framework and Fiscal Strategy Paper forwarded to the upper chamber by President Muhammadu Buhari.

While some of the lawmakers called for an increase in the benchmark price, others supported the decision of the Federal Government to peg the benchmark at $38 per barrel.

Brent, against which most of the world’s oil, including Nigeria’s is priced, has fallen by more than 60 per cent in the past 18 months, putting pressure on oil-exporting countries.

The global benchmark fell below the $40-per-barrel mark on Tuesday for the first time in almost seven years due to oversupply. It later headed back above $40, at which it traded on Wednesday.

Goldman Sachs, one of the most influential banks in commodity markets, recently said that oil could fall to as low as $20 per barrel amid fears that the world is running out of storage capacity.

The Chief Executive Officer, Total, Patrick Pouyanne, had on Monday said he did not expect pressure on oil prices after OPEC’s decision last Friday not to impose a ceiling on crude output and keep production at high levels.

“OPEC’s decision was expected by the market. We don’t anticipate a recovery in 2016 (for oil prices), because in 2016, the growth in capacity will be larger than the growth in demand…I am not very optimistic for 2016,” he told reporters in Qatar.

OPEC failed to agree on a new output quota on Friday, allowing member countries to continue pumping more than 31 million barrels per day of oil, further swelling a glut that has lowered prices.

The OPEC decision sent Brent into heavy fall on Monday, when it fell to $41 per barrel, the lowest level since March 2009.

Tags: News ReviewNigeriaoil price
Editor

Editor

Related Posts

Top 10 African countries with the highest international airfare charges in 2024
Aviation

Top 10 African countries with the highest international airfare charges in 2024

July 7, 2025
Lagos emerges the world’s fastest-growing tech city in 2025 
Hospitality & Travel

Most expensive African countries to rent a home in 2025 

June 24, 2025
Independence day – Women, wealth, and the call for financial freedom 
Sectors

Nigeria slips to 66th position in 2025 Global Startup Ecosystem Index  

May 31, 2025
Developing countries may likely bear the brunt of OPEC’s oil production cuts – IEA
Energy

Nigeria, Ivory Coast, and Mozambique set for 10 offshore drilling projects by 2027 

May 5, 2025
Nigeria pledges support for BRICS to drive global finance reforms and multilateral cooperation among partners 
Economy

Nigeria pledges support for BRICS to drive global finance reforms and multilateral cooperation among partners 

April 30, 2025
UK,Rwanda
"Japa"

Japa: UK deports immigration offenders and failed asylum seekers to Nigeria and Ghana 

April 27, 2025
Next Post

World Business Today (11 Dec 2015)

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Pump.fun raises $600 million in 12 minutes as memecoin craze heats up again 
  • 10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 
  • Geregu Power reports N13 billion Q2 2025 profit, up 61% YoY, beats Q2 forecast 

Follow us on social media:

Recent News

Pump.fun raises $600 million in 12 minutes as memecoin craze heats up again 

Pump.fun raises $600 million in 12 minutes as memecoin craze heats up again 

July 13, 2025
10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

July 12, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics