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OPEC
News and stories about OPEC
The Federal Government will set a crude oil benchmark price of $57 per barrel at 1.88 million barrels a day for its 2022 budget.
The standoff between OPEC+ members has significant implications for the price of oil and the global economy.
Crude oil prices declined during the New York trading session as U.S markets start the week after the July 4th holiday.
The local currency gained against the dollar at the official market as Brent crude sailed past $77 per barrel for the first time in about 3 years.
Oil futures are trading at new highs as OPEC+ failed to meet today.
U.S oil, WTI futures is up 1.42%, trading at $76.24 a barrel while Brent oil futures is trading at $77.12 a barrel, up 1.23% for the day.
The OPEC+ meeting slated for today has been called off with no new date agreed.
OPEC+ with the exception of the United Arab Emirates (UAE) agreed to an easing of cuts and their extension to the end of next year.
Nigeria currently pays about N140bn per month as fuel subsidy, which translates to about N1.7trn yearly.
Investors are weighing on reports showing the UAE paused a deal at the last minute, without an agreement on monthly crude oil production.
U.S oil broke past $75 per barrel for the first time since October 2018 on the prospect of...
The group is expected to decide on Thursday to further ease the cuts as of August 1.