• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Around the World
U.S. budget suffers a deficit of $3.1 trillion in 2020, as pandemic slams the economy, President Trump to decide fate of TikTok in 24-36 hours, Vaccine, America's Trump finally bans TikTok, WeChat, US imposes visa ban on Nigerians for election-related activities, I am not going to do second debate - Trump

Oil price slumps, US extends travel ban to Europe

Ruth Okwumbu-ImafidonbyRuth Okwumbu-Imafidon
4 years ago
in Around the World, Business News, Politics
Share on FacebookShare on TwitterShare on Linkedin

Oil prices have slumped again on Thursday, following the declaration of a travel ban placed on European countries by the United States (US) government.

For instance, Brent Crude went down to $33.88 in the early hours of Thursday, before it fell to $33.45 later in the day. Also, the US crude went down to $31.24 after dropping 4% in the previous session.

Crude Oil price war threatens Nigeria's economic stability

President Donald Trump announced the 30-day travel ban against European countries after the World Health Organisation (WHO) made a declaration branding the Coronavirus as a global pandemic.

According to Trump, the 30-day travel order will apply to citizens of 26 European countries excluding Britain, Ireland and American citizens, and will only apply to humans, not cargoes.

[READ MORE: Oil price war threatens Nigeria’s economic stability)

The market worries are further complicated by the threat of cheap supply as Saudi Arabia has promised to raise oil output to match Russia’s supply in their price war.

The United Arab Emirates followed Saudi Arabia in announcing its plans to boost oil output after the collapse of the OPEC agreement last week, notwithstanding Russia and other producers, a grouping is known as OPEC+, the decision to withhold supply and buttress prices.

UAE’s national oil company, ADNOC, said it was set to raise crude sales to more than 4 million barrels per day (bpd) and accelerate a push to boost capacity by a quarter to 5 million barrels per day.

Further oil production cut required to keep oil price above $40 in 2020 

The Airlines industry association has also stated that the surprise ban would result in a further drop for jet and other fuels, hitting the already battered aviation industry ‘extremely hard’.

With the OPEC agreement sidelined, the global oil market has no regulator and is left at the mercy of market mechanisms using the balance of demand and supply to determine the price.

Speaking to Reuters, Espen Erlingsen, head of upstream research at Rystad Energy, estimated that oil would need to fall to the low $20s to achieve equilibrium.


Download Nairametrics App for breaking news and market intelligence.
   
Tags: Brent CrudeCoronavirusEspen ErlingsenGlobal oil Marketoil pricesPresident Donald TrumpRystad EnergyWorld Health Organisation
Ruth Okwumbu-Imafidon

Ruth Okwumbu-Imafidon

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via ruth.okwumbu@nairametrics.ng

Leave a Reply Cancel reply

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







NM newsletters
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Court stops impeachment of Ondo state Deputy Governor, Aiyedatiwa
  • BREAKING: NLC, TUC to declare indefinite strike today, to hold joint press briefing
  • EU says ‘X’ is worst social media platform for misinformation 

Follow us on social media:

Recent News

Court stops impeachment of Ondo state Deputy Governor, Aiyedatiwa

Court stops impeachment of Ondo state Deputy Governor, Aiyedatiwa

September 26, 2023
Labour, Minimum wage, Oil marketers back out of NLC, TUC nationwide strike, support deregulation policy

BREAKING: NLC, TUC to declare indefinite strike today, to hold joint press briefing

September 26, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 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