Tag
CRUDE OIL
OPEC members had expressed worries that the global economy is slowing down quickly in the face of quickly tightening monetary policy,
The decision by the group signaled an even tighter physical oil market ahead, pushing oil prices higher, although not as sharply higher as such a decision might have pushed them a couple of years ago
Prices have also been impacted by the unexpected 75 basis point rate increase by the European Central Bank this week and additional COVID-19 lockdowns in China.
The recently released foreign trade report by the National Bureau of Statistics showed that Nigeria exported goods worth N7.41 trillion in the second quarter of 2022.
All eyes are now on the U.S. crude supply, as market participants are awaiting industry data due today.
Oil prices remained stable as fears over weakening demand outweighed news from the industry that revealed a larger-than-anticipated reduction in US crude stockpiles.
EU has intensified its pressure on Nigeria for additional gas supplies to the bloc as it gets set to cut supply from Russia due to its invasion of Ukraine.
Africa’s largest crude oil producer, Nigeria only received 4% of the $70 billion investment inflows into Africa between 2015 - 2019, according to KPMG.
Crude oil prices recorded another sharp intraday decline as global economic slowdown and concerns over Covid-19 resurgence takes their toll on the market.
The price of oil may rise to a "stratospheric" $380 per barrel if US and European sanctions lead Russia to reduce its crude supply in retaliation.
The prices of the two major oil benchmarks are down over 1% at the start of the London trading session as investors reassess the risks of recession...
FX crisis, high inflation, and fiscal pressures generated by fuel subsidies, according to the World Bank, distort the benefits of a growing non-oil sector and high oil prices.