Oil price plunge: winners and losers
The crash in world oil prices Monday risks severely damaging revenues for crude producing countries and companies across the globe, while benefitting consumers through lower heating and motor fuel bills. Oil markets nosedived as much as 30 percent after top exporter Saudi Arabia slashed its prices and raised output to preserve market share in the […]
Oil price instability and the 2019 budget
Traditionally, the government sets the oil price benchmark at about 15 per cent below the ruling market price at the point of budget preparation. It is also important to note that because of our oil-dependency, any significant shift in the oil price benchmark would mess up the budget.
Oil price reverses trend, drops back to $60.90
International oil price, yesterday, reversed its two-week upwards movement, slashing $2 to hover at $60.90 over fears of excess supply from non-OPEC member nations.
Oil price hits $62.70, $2.70 in excess of budget benchmark
For the first time in 2019, the price of oil has risen from $60.00 to $62.70 per barrel as Organisation of Petroleum Exporting Countries, OPEC, intensifies efforts to withdraw excess oil from the volatile market.
China’s economy, others influence oil market stability – Analysts
Oil market analysts have identified the combination of geopolitical risk, global growth, China’s economy and the dollar’s trajectory as the main influencers of current rise in crude oil price.
Oil price hits $60, raises hope for Nigeria’s 2019 budget
THE oil price rebound, yesterday, reached a significant point, selling at $60 per barrel, as the Organisation of Petroleum Exporting Countries, OPEC, continue to withdraw excess oil from the international market.
