The Federal Government will tighten spending and intensify efforts to diversify its sources of revenue in response to declining oil prices, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said on Wednesday. Speaking at a meeting…
By Seun Ibiyemi Global oil prices plunged to their lowest levels since early 2021 on Wednesday, amid growing concerns over a supply glut and weakening demand from major economies. The sharp downturn comes just as U.S. President Donald Trump unexpectedly…
Global oil prices inched higher on Tuesday, recovering from the previous session’s losses, as a slightly optimistic market outlook provided a boost despite light trading volumes ahead of the Christmas holiday. Brent crude futures rose by 42 cents, or 0.6%,…
By Olawale Afolabi Oil prices dropped on Tuesday as concerns eased about the fallout from Syrian President Bashar al-Assad’s overthrow. The price of Brent crude, the global oil benchmark, fell by 0.11 percent to $72.06 per barrel while US West…
…Petrol prices to rise across Nigeria due to NNPC’s cost-reflective scheme Oil prices surged by more than a dollar in early trading yesterday amid growing concerns that escalating tensions in the Middle East could disrupt crude production, following Iran’s most…
Oil prices dropped again for a second day on Tuesday, as talks for a ceasefire in Gaza continued, but losses were limited to less than a dollar a barrel as Egyptian and Qatari mediators met resistance in their search to…
Oil prices on Tuesday appreciated by 2 percent as the Middle East crisis and a Libyan supply outage pared the previous day’s heavy losses. Brent crude futures settled $1.47, or 1.9 percent, higher at $77.59 a barrel, while U.S. West…
With so much expectations from investors for the OPEC+ meeting holding today, Oil prices rose more than $1 a barrel on Wednesday as investors focused their attention on expectations of fresh supply cuts from OPEC+ and looked past a jump…
By Sodiq Adelakun External reserves have risen by 0.21 percent in the last three weeks, following increased oil production and prices. The price of Brent crude stood at $88.41 as of October 25, 2023. Data from the Central Bank of…
Based on figures obtained from the Central Bank of Nigeria’s (CBN) data on the movement of external reserves, the country’s external reserves fell by US$2.96bn in H1 2023. The figures show that external reserves fell to US$34.12bn as of 30…
