Tag
CRUDE OIL
Data from the Central Bank of Nigeria (CBN) showed that Nigeria made a sum of $195 billion from the export of crude oil between 2017 and 2021.
Here is a quick deep dive into the statistical anomalies and warning signs that policymakers need to examine for introspection and immediate solution.
Member states of the International Energy Agency (IEA) were still discussing how much oil they would together release from storage to cool markets.
Recent events have shown that Nigerian oil in the global oil market is the equivalent of a bench player in a star-studded team.
The prices of both major benchmarks are down over 5% towards the end of the Asian session...
Tony Elumelu has stated that the reason Nigeria cannot meet its crude oil production quota and benefit from high oil prices is due to theft.
The two major benchmarks of the black liquid are bullish at the start of the London session on Wednesday...
The bears have taken over the oil market as prices are down over 5% in the Asian session on Tuesday.
It is evident that a $200 per barrel oil is more of an inconvenience than a blessing to the Nigerian economy.
As things stand, the core inflation rate stands to increase significantly in the short term if the crisis persists.
Despite the dramatic price movements across asset classes, it is important to know what investors are buying and selling right now.
The Brent crude futures has started the trading session, surging over $135 per barrel, as Russia's invasion of Ukraine intensifies