Tag
CRUDE OIL PRICES
Nigerian crude remained mostly stable but below the $70 mark as investors assessed the impact of Ukrainian drone strikes on key Russian refineries and export terminals, which could disrupt crude and fuel shipments.
Global crude oil tracked by Brent futures has fallen sharply, losing over 7% in August and extending its year-to-date decline to more than 11% in 2025.
Nigeria's current account surplus is projected to decline sharply in 2025, dropping to 2.7% of GDP from 9.2%...
Nigerian crude prices dipped to a three-week low on Tuesday, falling back to rates seen before the recent Israel-Iran fighting as fading supply fears and talk of an OPEC+ output increase weighed on the market.
The naira remained stable at N1610–N1615 on the unofficial market as oil prices recovered above $61 per barrel, while the dollar index stayed stable in the global currency market.
Crude oil prices dipped below $60 per barrel at the start of May, sparking renewed fears of a currency crisis and a wider fiscal deficit in Nigeria.
OPEC+ is set to accelerate its oil production increases and could return up to 2.2 million barrels per day (bpd) to the market by November if erring members fail to comply with output quotas, Reuters reports.
Brent crude oil futures fell below $70 per barrel for the first time since December 2021, marking a new downturn in prices driven by strong supply, demand concerns, and widespread speculative selling.
Bonny Light crude reaches $88 per barrel amid Israeli-Houthi conflict, with rising tensions and potential September rate-cut signs.
The Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries (OPEC) and its allies led by the Russian Federation has decided to keep oil production quota unchanged until its next meeting in June.
Consequently, short sellers took centre stage in the oil market on sentiments that energy-price inflation over the past three months will likely force the Federal Reserve to hold interest rates steady for the foreseeable future.
Fuel pump prices in Nigeria could see a reduction if global crude prices keep tumbling.