• 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
Gas is the new petrol - FG to Nigerian car owners, intervention fund, NCDMB, output cut, Petroleum Industry Bill to be passed by mid-2020, says Sylva, FG discovers crude oil in north, says there’s more , OPEC, non-OPEC countries to meet as Saudi, Russia price war affects Nigeria’s budget, FG considers fuel price reduction, OPEC deal: Nigeria to generate additional $2.8 billion revenue as FG reacts

FG ready for OPEC talks, as brent crude risk plunging to single digit low

Chike OlisahbyChike Olisah
3 years ago
in Around the World, Business News
Share on FacebookShare on TwitterShare on Linkedin
The Federal Government has expressed its readiness for talks with other Organization of Petroleum Exporting Country (OPEC) member states and their allies referred to as OPEC+, to review the development in the oil market.
This was disclosed by the Minister of State for Petroleum Resources, Timipre Sylva, during a press statement on Monday, April 6, 2020.
The Minister in his statement on behalf of the Federal Government, assured the Nigerian and International communities, that the government is observing the developments in the oil and gas industry with keen interest and will take a position that will favor its economic forecast.

Tweets by FMPRng

READ ALSO: The good, bad and ugly of low oil prices for Nigeria
In his statement, the Minister said, “I will continue to monitor the impact of Covid-19 on our economy and the global economy. In our consultations with global industry stakeholders in the lead up to the OPEC+ meeting scheduled for Thursday, April 9, 2020, the Nigerian Government will take a position that is in the best interest for our short term and long-term forecast.
It is well known that Nigeria has always collaborated with key OPEC members such as Saudi Arabia in maintaining a balanced position that has helped to make OPEC one of the most successful global institutions in recent history. Nigeria intends to maintain this team spirit even as it takes into account, the position of OPEC strategic allies such as Russia,’’ Sylva said.
The minister pointed out that the driving force of Nigeria’s OPEC policy is the stability of the country’s economy as well as the global economy which is heavily dependent on OPEC and its allies.
One of the major reasons for the crash in crude oil prices globally is the lockdown and travel restrictions that are being carried out globally in order to contain the spread and impact of the coronavirus disease. The lockdown and restrictions has led to low demand.
This is compounded by the oil trade war between Russia and Saudi Arabia.
A report from Fitch suggests that the Brent Crude could plunge to a single digit low, if the major oil producer do not immediately reach a deal for output cut.
Some days ago, the crude oil prices rallied back on the news of a potential deal between Russia and Saudi Arabia on the trade dispute.
The OPEC and its allies are scheduled to meet on Thursday as against the earlier planned Monday date, in order to see if they could agree on production cuts.

Download Nairametrics App for breaking news and market intelligence.
   
Tags: Nigeria National Petroleum Corporation NNPCNigerian Business NewsOPEC
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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

  • UPDATED: Tribunal dismisses Ashiru’s petition, upholds Uba’s victory
  • Stakeholders score Cutix high as Ambassador Nwosu retires
  • Obaseki Accepts Shaibu’s Apology says ’To Err Is Human’

Follow us on social media:

Recent News

UPDATED: Tribunal dismisses Ashiru’s petition, upholds Uba’s victory

UPDATED: Tribunal dismisses Ashiru’s petition, upholds Uba’s victory

September 28, 2023
Cutix Plc

Stakeholders score Cutix high as Ambassador Nwosu retires

September 28, 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