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CRUDE OIL PRICES
Crude oil surged 21% on Thursday, putting it on track for its best day on record, taking back more than half of the losses from Wednesday’s plunge.
FG has begun consultations with relevant stakeholders on the possible reduction in the pump price of Premium Motor Spirit (PMS).
Crude oil prices have fallen sharply during the week yet the CBN still states its price at $61.15.
The price of crude oil has posted a 7-month low, declining by 4% to $57 a barrel in two days. This is the first time oil price would post a huge fall since January 2019.
Several oil-rich nations (Nigeria inclusive) may face looming financial crises as Oil price declined to a 4-month low of $61.99 p/b on Friday, May 31, 2019. This low price was last recorded in February this year.
Nigeria's oil export has received a major boost as the U.S refineries upped their crude oil imports from Africa, doubling the volumes of oil import to the U.S in May 2019. The development came against the backdrop of U.S sanctions that restricted usual providers of widely used grades as the country gears up for the peak driving season
Oil prices continued its bullish run as Brent crude futures spiked to a six-month high of $74.36 per barrel in the early hours of today
Nigeria's foreign reserves are a few millions away from a six month high of $45 billion, due to an uptick in crude oil prices and positive foreign portfolio investor sentiments.
Brent oil prices rose, as expectations of tight global supply outweighed pressure from rising U.S. production and less robust global demand indicators.
Despite the reduction in crude oil production by OPEC and non-OPEC members, the past few days marked constant fluctuations in crude oil prices.
Patrick Pouyanne said the future looks bright for global crude oil prices.
Nigeria's biggest crude oil explorer and a subsidiary of Royal Dutch Shell Plc, Shell Nigeria, has lamented the adverse...