Tag: oil prices

At $63, Crude Oil Price Hits 13-month High

Organisation of Petroleum Exporting Countries (OPEC)

Nigeria to eliminate gas flaring by 2025 Oil prices yesterday maintained their upswing, hitting their highest in about 13 months on the back of vaccine rollouts expected to increase demand Read More

Analysts Foresee Faster Economic Recovery As Oil Price Hits $60

International Monetary Fund (IMF)

IMF urges FG to embark on aggressive revenue mobilisation Advises FG to raise VAT to 10% by 2022 Analysts yesterday forecasted a faster economic recovery for Nigeria as crude oil Read More

NNPC Records N1.95tn From Sale Of Petrol, Others

Nigerian National Petroleum Corporation (NNPC)

The Nigerian National Petroleum Corporation (NNPC) yesterday announced sales proceeds of N1.95 trillion from white products, mainly petrol, between October 2019 and the same period in 2020. However, Flavision’s checks Read More

IMF Revises Nigeria’s 2021 GDP Forecasts To 1.5%

International Monetary Fund (IMF)

Calls for vaccine funding for African countries Projects 21% rebound in crude oil prices The International Monetary Fund (IMF) in its World Economic Outlook (WEO) update released yesterday has projected Read More

Automobiles’ Import Levy Reduction Will Reduce FG’s Revenue, Report Warns

Policy contradicts BPE-led committee’s recommendation The Federal Government’s decision to slash import levy on cars, tractors and mass transit vehicles as stated in the Finance Act 2020, will negatively affect Read More

NNPC Turns To Condensates To Offset Losses From OPEC Cuts

Nigerian National Petroleum Corporation (NNPC)

Output curtailments affecting govt revenue, says Kyari Finally, Nigeria exits list of defaulting nations The Nigerian National Petroleum Corporation (NNPC) has said it is now focusing on condensates, which are Read More

OPEC Mandates Nigeria To Cut Production By 939,000bpd In Three Months

Organisation of the Petroleum Exporting Countries (OPEC)

Resolves to return additional 500,000bpd for February, March Gives defaulting countries January 15 compensation deadline The Organisation of Petroleum Exporting Countries (OPEC) yesterday upheld its December 3, 2020 decision to Read More

OPEC Fails To Agree On February Oil Production Output

Organisation of Petroleum Exporting Countries (OPEC)

Meeting continues today as S’Arabia warns against laxity Members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies, including Russia, yesterday failed to reach an agreement on production Read More

Analysts List Path To Economic Recovery, Growth In 2021

Economic recession

Seek privatisation, commercialisation, sales of moribund assets Financial and economic experts have advised the federal government to look inward in its resource mobilisation activities in the new year. They also Read More

Moody’s: COVID-19, Oil Price Shocks To Limit Nigerian Economic Growth

Moody’s Investors Service

Projects 2.1% rise in 2021 GDP Nigeria’s economic growth will be severely strained by the double whammy of COVID-19 and the volatility of the oil price in the international market,Read More