Tag
OIL PRICES
In Q1 2020, the company had recorded a revenue drop of 9.3% to N70.2 billion compared to Q1 2019.
It appears that Brent is heading towards a weekly decline of about 2%.
JP Morgan Chase had predicted that oil prices would shoot up as high as $190 a barrel in 2025.
OPEC+ has not decided on whether to extend the record supply cut of 9.7 million barrels per day.
Oil prices retreated further on Monday, with prices down more than 10% in less than a week.
This year has been a turbulent one for the oil market as crude oil prices went negative for the first time in history.
Oil prices continued dropping as investors and traders weighed on oversupply prospects, dollar strengthening, and refining margins
Crude oil prices, against earlier predictions, surged past the $40 per barrel mark in the early hours of Wednesday – the highest in almost 3 months.
Today, Oil prices are low, thus no need for the Federation to pay a part of your fuel bill, so no subsidy on imported PMS on retail price.
The United States is facing a national crisis with the most significant number of coronavirus cases globally, the worst unemployment levels seen in decades, and massive crowd protests from state to state by their citizens.
Nigeria should be mindful that demand does not necessarily translate to sales at the headline futures contract price. The market is still recovering from the super-contango it faced a month ago.
Note that crude oil prices are still down by 45% since the beginning of 2020, a situation that had forced oil-dependent Nigeria to revise/readjust her 2020 national budget, as Nairametrics reported.