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Tag: oil price

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Oil prices rise amid geopolitical tensions

Oil prices saw a modest increase on Thursday, with Brent crude rising 0.2 per cent to $72.97 and U.S. West Texas Intermediate up 0.23 per cent to $68.91. The rise was driven by geopolitical tensions between Russia and Ukraine, which offset the impact of a larger-than-expected increase in U.S. crude inventories, according to Reuters. “For […]

Saudi Arabia, Russia lead OPEC in extending oil cuts
Oil and Gas

Global oil price may keep rising before 2045 – OPEC

The global oil demand is anticipated to continue increasing in the upcoming years before gradually declining starting in 2045. The Times reported that this is supported by the World Oil Outlook 2045, which the Organisation of Petroleum Exporting Countries released on Monday, October 9 in Riyadh, Saudi Arabia. The Outlook predicts that by 2025, the world’s […]

Oil prices surge as Saudi Arabia prepares to cut output
Oil and Gas

Oil prices surge as Saudi Arabia prepares to cut output

Saudi Arabia has announced a significant cut of one million barrels per day in its July production. The decision by the leading oil-producing nation, supported by other OPEC+ members, aims to bolster the floundering prices and restore stability to the market. OPEC+ comprises a coalition of oil-producing countries that collectively account for approximately 40% of […]

Petrol pump
Business

Oil prices decline as U.S opens reserve 

PThe United State government expressed a decline  in oil price on Tuesday after it said it would provide more from its Strategic Petroleum Reserve. This contradicted the expectations of some traders as they presumed it may be delayed or cancelled. The decision of the US government was mandated by lawmakers. SPR was implemented by the […]

Russia to cut oil output by 500,000 bpd
Business

Russia to cut oil output by 500,000 bpd

  By Christian George Russia is hoping to reduce its oil production by 500,000 barrels per day in March. Deputy Prime Minister Alexander Novak said on Friday after an imposed price caps on its oil as well as oil products. Reuters reported that the price of Brent crude rose on the news of the output […]

What we'll do if Putin cuts gas supply - EU
Energy featured

Russia rejects EU, G7 oil price cap

Russia on Saturday rejected a $60 price cap on its oil agreed by the EU, G7 and Australia, which Ukraine said would contribute to the destruction of Russia’s economy. “We will not accept this price cap,” Kremlin spokesman Dmitry Peskov told domestic news agencies, adding that Russia, the world’s second-largest crude exporter, was “analysing” the […]

100% cashless economy possible in Nigeria - Emefiele
Economy

External reserves fall by $196m in eight days

Nigeria’s external reserves fell slightly by $196m in eight days to $39.62bn as of April 28, according to figures obtained from the Central Bank of Nigeria. The CBN revealed that the reserves, which had earlier gained $243.83m in 19 days from $39.54bn as of April 1, 2022 and rose to $39.78bn as of April 19, […]