Although $50 is less than what Saudi Arabia needs to balance its budget, it is in line with global realities.
Brent crude futures rose by 60 cents or 1.4%, to close at $42.32 per barrel.
Meanwhile, a total of N3.33 trillion as being disbursed between January and May 2020.
With the scaling back of the OPEC+ cuts of 9.7 mbpd to 7.7 mbpd we may begin to see some pressure on brent price.
Despite the drop, Brent crude is still expected to experience its fourth monthly gain in July.
Nigeria’s Gross Domestic Product (GDP) grew by 1.87%(year-on-year) in real terms, representing a drop of 0.23% points compared to Q1 2019 and 0.68% points decline compared...
Global oil prices have surged to a 2-month high on growing signs of a rebound in oil demand.
This is a breakdown of how much Nigeria will be contributing to the cuts including the agreed timelines.
The International Energy Agency (IEA) in its latest forecast, expects Brent oil price to average US$33 this year.
A monitored report suggests that Nigeria has reduced the official selling prices for its crude oil so as to clear an inventory of unsold April-loading cargoes.