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    Tinubu signs Electricity Act of 2023; States to generate, transmit and distribute electricity

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    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN assigns roles to new deputy governors

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    Supreme Court sets date for hearing Nnamdi Kanu’s case

    Long serving US Senator Dianne Feinstein dies at 90

    Long serving US Senator Dianne Feinstein dies at 90

    FG issues Flood Alert: 13 States, 50 Communities to be affected

    FG, States & LGAs share a total of N1.1 trillion August revenue – FAAC

    Air Force Bombs IPOB/ESN camps in Orsumugho-Anambra, Okigwe-Imo

    Air Force Bombs IPOB/ESN camps in Orsumugho-Anambra, Okigwe-Imo

    Senate confirms nomination of Yemi Cardoso as CBN Governor along with four Deputies

    Senate confirms nomination of Yemi Cardoso as CBN Governor along with four Deputies

    NLC, TUC declare nationwide indefinite strike

    NLC, TUC declare nationwide indefinite strike

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    Headline Inflation in Nigeria rose to 22.04% in March

    Food prices continue to soar in Nigeria as inflation hits 25.80%

    NERC hikes electricity meter price by 40%

    NERC hikes electricity meter price by 40%

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    Nigeria’s daily petrol consumption dropped by 16.8% in July – report

    Student Loan Act: How to apply for the loan, all you need to know

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    Subsidy Palliative: FG gives states N5bn to buy rice, maize

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    FG to streamline taxes from 52 to 10, rename FIRS

    Student Loan Act: How to apply for the loan, all you need to know

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    Headline Inflation in Nigeria rose to 22.04% in March

    Inflation in Nigeria rises to 22.79% in June 2023

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    NGX Daily Equities Market Report: Market gains for third consecutive days

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    NGX Daily Equities Market Report: Market gains for third consecutive days

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    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 0.07% as VITAFOAM loses 10%

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    The NGX- ASI gained by 1.11% as Dangote Sugar rises another 10%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 0.08% as TRANSCORP falls 9.99%

    TRANSCORP reports 528.45% rise in profit for 2021 FY

    The NGX- ASI gained by 0.51% as TRANSCORP rises above N7

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The NGX- ASI gained by 0.90% as Dangote Sugar rises above N50

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    Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.02%

    JUST IN: BUA reduces price of cement to N3,500 per bag

    UBA Plc profit for H1 2021 grew by 36.35% to N60.58 billion

    UBA announces US$6 billion financing for SMEs in partnership with AfCFTA

    Capital Hotels Plc gives update on voluntary delisting

    Capital Hotels Plc gives update on voluntary delisting

    Court sanctions transfer of Access Bank Plc Shares to Holding Company

    Access Holdings Plc declares 30 kobo interim dividend for H1 2023

    Dr. Cardoso assumes duty as CBN acting Governor

    Dr. Cardoso assumes duty as CBN acting Governor

    AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

    Ellah Lakes Plc gets SEC approval to raise ₦2.9bn new capital via rights issue

    Kyari claims OVH acquisition grew NNPC Retail’s Q1 2023 profit to N18.4bn

    Kyari claims OVH acquisition grew NNPC Retail’s Q1 2023 profit to N18.4bn

    Fidelity Bank to issue 3.03 billion Ordinary Shares by way of Private Placement

    Fidelity Bank Plc completes acquisition of Union Bank Plc UK

    Zenith Bank posts N174bn profit, earns N28.14bn from Account Maintenance in 9 Months

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    Security features of the new naira notes revealed by the CBN

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    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

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    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

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    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

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    Tinubu signs Electricity Act of 2023; States to generate, transmit and distribute electricity

    October 1, 2023: President Tinubu’s full speech on Independence Day

    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN assigns roles to new deputy governors

    Nnamdi Kanu’s release: S’Court fixes date for hearing, allows FG to raise new objections

    Supreme Court sets date for hearing Nnamdi Kanu’s case

    Long serving US Senator Dianne Feinstein dies at 90

    Long serving US Senator Dianne Feinstein dies at 90

    FG issues Flood Alert: 13 States, 50 Communities to be affected

    FG, States & LGAs share a total of N1.1 trillion August revenue – FAAC

    Air Force Bombs IPOB/ESN camps in Orsumugho-Anambra, Okigwe-Imo

    Air Force Bombs IPOB/ESN camps in Orsumugho-Anambra, Okigwe-Imo

    Senate confirms nomination of Yemi Cardoso as CBN Governor along with four Deputies

    Senate confirms nomination of Yemi Cardoso as CBN Governor along with four Deputies

    NLC, TUC declare nationwide indefinite strike

    NLC, TUC declare nationwide indefinite strike

    Nigeria declares Wednesday public holiday to celebrate Eid-ul-Maulid

    Nigeria declares Wednesday public holiday to celebrate Eid-ul-Maulid

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Headline Inflation in Nigeria rose to 22.04% in March

    Food prices continue to soar in Nigeria as inflation hits 25.80%

    NERC hikes electricity meter price by 40%

    NERC hikes electricity meter price by 40%

    NNPC says no plan to increase petrol price in March

    Nigeria’s daily petrol consumption dropped by 16.8% in July – report

    Student Loan Act: How to apply for the loan, all you need to know

    Tinubu establishes presidential CNG initiative, targets nationwide adoption

    Subsidy Palliative: FG gives states N5bn to buy rice, maize

    Subsidy Palliative: FG gives states N5bn to buy rice, maize

    FG to streamline taxes from 52 to 10, rename FIRS

    FG to streamline taxes from 52 to 10, rename FIRS

    Student Loan Act: How to apply for the loan, all you need to know

    FG establishes ‘Infrastructure Support Fund (ISF) for the 36 States of the Federation’

    Headline Inflation in Nigeria rose to 22.04% in March

    Inflation in Nigeria rises to 22.79% in June 2023

    CBN extends Naira 4 Dollar Scheme for diaspora remittances until further notice

    CBN includes Naira as payout option for diaspora remittance

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    • Economic Data
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    NGX Daily Equities Market Report: Market gains for third consecutive days

    Nigerian Exchange: Stock Market report for week ended 22 September 2023

    NGX Daily Equities Market Report: Market gains for third consecutive days

    Nigerian Exchange: Stock Market report for week ended 15 September 2023

    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2023, qualification and payment dates

    NGX Daily Equities Market Report: Market gains for third consecutive days

    Nigerian Exchange: Stock Market report for week ended 8 September 2023

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 0.07% as VITAFOAM loses 10%

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    The NGX- ASI gained by 1.11% as Dangote Sugar rises another 10%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 0.08% as TRANSCORP falls 9.99%

    TRANSCORP reports 528.45% rise in profit for 2021 FY

    The NGX- ASI gained by 0.51% as TRANSCORP rises above N7

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The NGX- ASI gained by 0.90% as Dangote Sugar rises above N50

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    Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.02%

    JUST IN: BUA reduces price of cement to N3,500 per bag

    UBA Plc profit for H1 2021 grew by 36.35% to N60.58 billion

    UBA announces US$6 billion financing for SMEs in partnership with AfCFTA

    Capital Hotels Plc gives update on voluntary delisting

    Capital Hotels Plc gives update on voluntary delisting

    Court sanctions transfer of Access Bank Plc Shares to Holding Company

    Access Holdings Plc declares 30 kobo interim dividend for H1 2023

    Dr. Cardoso assumes duty as CBN acting Governor

    Dr. Cardoso assumes duty as CBN acting Governor

    AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

    Ellah Lakes Plc gets SEC approval to raise ₦2.9bn new capital via rights issue

    Kyari claims OVH acquisition grew NNPC Retail’s Q1 2023 profit to N18.4bn

    Kyari claims OVH acquisition grew NNPC Retail’s Q1 2023 profit to N18.4bn

    Fidelity Bank to issue 3.03 billion Ordinary Shares by way of Private Placement

    Fidelity Bank Plc completes acquisition of Union Bank Plc UK

    Zenith Bank posts N174bn profit, earns N28.14bn from Account Maintenance in 9 Months

    Zenith Bank Plc reports N291.73bn profit for Half-Year 2023

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    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

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Home Markets Commodities

Oil Prices Maintain Rally as OPEC+ Plans to Meet

Tuesday, 2 June 2020, 4:41 pm
in Commodities, Markets
0
Reasons Behind U.S Negative Oil Price as It Recovers Above $1
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The prices of oil have continued its gradual rise with Brent futures trading above $39 per barrel for the first time since 9 March 2020. The U.S oil futures Western Texas Intermediate (WTI) traded above $36 per barrel while Western Canadian Select (WCS) is trading above $28 per barrel on Tuesday.

The rise in prices of oil is attributed to possible extension of OPEC+ production cuts. The Organization is mulling an extension of the current output cut which is due to expire on 30 June to another 1 or 3 months. The reason being that demand is still below the cartel’s anticipation.

Current prices of some selected oil blends as at 2:58pm GMT on Tuesday are as follows;

Brent – $39.06 per barrel, WTI – $35.99 per barrel, WCS – $28.89 per barrel while Nigeria Bonny Light  closed at $35.89 per barrel on Monday.

  • Read also; CBN Revises Timeline for Resolving Failed ATM, PoS and Web Transactions
  • CBN Monetary Policy Committee Cuts Policy Rate to 12.5%

The oil cartel is hoping to discuss the extension in planned 4 June meeting. Saudi Arabia has given a positive node to the extension whereas Russia is yet to decide.

OPEC had in April, agreed a historic record deal to cut output by 9.7 million barrels per day in May and June, in its effort to salvage the depressing oil prices as coronavirus pandemic rained its terror on the oil market. The organization also agreed on a subsequent easing of the production restrictions.

On 11 May, Saudi Arabia announced an additional voluntary cut of 1 million per barrels per day which will see the country’s output reduced by about 4.8 million barrels per day.

 Read further; Saudi Arabia to Voluntarily Cut Oil Production by Extra 1 Million Barrels per Day: Energy Ministry

Russia’s oil output dropped to 9.39 million barrels per day in May down from 11.35 million barrels per day in April according to Reuters. This 9.39 million includes 0.7 to 0.8 million gas condensate produced by Russia per day. Thus, the country’s oil output in May would be around 8.59 to 8.69 million barrels per day.

The entire member countries of OPEC+ recorded lowest oil output in May.  However, Nigeria and Iraq are yet to meet their share of the production cut.

Demand for oil is also improving as several countries around the world began the easing of lockdowns and allowing the return of economic activities.

Read more; U.S Sends 2 Mn dozes of Hydroxychloroquine to Brazil; 416 new cases confirmed in Nigeria

As the world slowly emerge the from lockdowns, oil prices are set to rise due to strengthening demand. However, the rising prices presents the risk of shale drillers increasing outputs, which might lead to another supply glut if the supply outweighs the demand.

Written by;

Ifunanya Ikueze

Related Posts:

  • Oil Prices maintain mixed feeling as OPEC+ intensifies effort to curtail its fall
    Oil Prices maintain mixed feeling as OPEC+ intensifies…
  • Oil Prices Maintain recovery as Economic activities resumes in some countries.
    Oil Prices Maintain recovery as Economic activities resumes…
  • Oil rises near 2018 highs as OPEC+ sets to meet
    Oil rises near 2018 highs as OPEC+ sets to meet
  • Oil prices rally as major producers flag capacity limits
    Oil prices rally as major producers flag capacity limits
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Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.02%

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Nnamdi Kanu’s release: S’Court fixes date for hearing, allows FG to raise new objections

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