Tag Archives: Oil price

External reserves hits $43.2bn, says CBN

The nation’s external reserves hit $43.2bn on March 6, 2018, data obtained from the Central Bank of Nigeria showed on Wednesday. The foreign exchange reserves had recorded a four-year high at $42.76bn on March 2, after commencing this year at $38.77bn. The foreign reserves have gained about $3.99bn or 10.3 per cent this year. The reserves had moved from $38.77bn ...

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Allow market forces to determine fuel price: NECA

The Nigeria Employers’ Consultative Association (NECA) said on Thursday that the Federal Government should stop regulating fuel price to allow market forces to determine the cost of the commodity. The President of NECA, Larry Ettah, who made the statement, while addressing journalists on some national issues, in Lagos, said that regulating fuel price had caused untold hardships for the populace. ...

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OPEC chief expects 2018 oil market balance

Achieftain of tf the Organisation of Petroleum Exporting Countries (OPEC), Suhail al-Mazrouei said, on Tuesday, that he expected the global oil market to be balanced this year, as producers continue to trim production following 2014 market crash. “I am optimistic that this year, we will achieve a market balance” between supply and demand, Mazrouei, also the energy minister of the ...

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Income from rising oil prices will go into infrastructure – Buhari

President Buhari has pledged to spend the income accruing to the country from the rising oil prices in the international market on infrastructural development.  Receiving a delegation from Eni Group, led by the Chief Upstream Officer, Antonio Vella, Buhari said that extra funds outside the provision of this year’s budget “will be deployed to infrastructure projects, like roads, rail and ...

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Afrinvest forecasts GDP growth of 2.1 per cent

Afrinvest (West Africa) Limited has forecast Gross Domestic Product (GDP) growth to accelerate to 2.1 per cent in 2018 from its full year estimate of 0.7 per cent for 2017 based on rebound in non-oil sector and oil sector low base push. The investment group made the forecast  at the press launch of its 2018 Outlook for the Nigerian Economy ...

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Afrinvest forecasts GDP growth of 2.1 per cent

Afrinvest (West Africa) Limited has forecast Gross Domestic Product (GDP) growth to accelerate to 2.1 per cent in 2018 from its full year estimate of 0.7 per cent for 2017 based on rebound in non-oil sector and oil sector low base push. The investment group made the forecast  at the press launch of its 2018 Outlook for the Nigerian Economy ...

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OPEC cuts push oil prices to $70 amid strong economy

Oil prices were firm, on Wednesday, receiving ongoing support from healthy economic growth as well as from supply restrictions led by a group of producers around the Organisation of the Petroleum Exporting Countries (OPEC) and Russia. Reuters News agency states that spot Brent crude oil futures, the international benchmark for oil prices, were at 70 dollars a barrel at 0102 ...

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Re-opened Libyan oil fields leads to vacillation of oil price

Oil has settled higher after dollar fluctuations and the restart of some Libyan oil fields caused the market to vacillate or fluctuate, with prices testing lower before rallying to levels just below three-year highs. Brent crude futures for March delivery settled up 42 cents, or 0.6 percent, at $69.03 a barrel, after earlier rallying to $69.51. Brent on January 15 ...

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