Friday, August 2, 2019

Tag "OPEC"

    REVEALED: Nigeria’s oil revenue hit N85trn in 5 years

REVEALED: Nigeria’s oil revenue hit N85trn in 5 years

Nigeria made about N85 trillion ($236.2 billion) from oil between 2014 and 2018, the 54th edition of Annual Statistical Bulletin by the Organisation of Petroleum Exporting Countries (OPEC), has revealed. [...]

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    Buhari: Developed countries reluctant to assist us because they think we are rich

Buhari: Developed countries reluctant to assist us because they think we are rich

President Muhammadu Buhari says some developed countries are reluctant to assist Nigeria because they have "wrong assumptions" that the nation is rich. According to a statement by Garba Shehu, presidential spokesman, Buhari said this on Thursday while receiving letters of credence from the newly appointed diplomats of Kuwait, India and Namibia in Abuja.The president told Abdulaziz Al Bisher, ambassador of Kuwait, [...]

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    Oil prices hit one-year low as WTI loses $2 in 30 minutes

Oil prices hit one-year low as WTI loses $2 in 30 minutes

Oil prices hit its lowest point since December 2017 on Tuesday, following anticipated oversupply in the global crude oil market.  [...]

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    Barkindo to receive ‘Africa Oil Man of the Year’ award

Barkindo to receive ‘Africa Oil Man of the Year’ award

Mohammad Barkindo, secretary general of the Organisation of Petroleum Exporting Countries (OPEC), will be honoured with the “Africa Oil Man of the Year” award, at the Africa Oil and Power conference in September.The theme for the 2018 edition of the conference, "Energy Coalitions", will focus on Africa’s growing role in OPEC, and the efforts by global institutions, governments and the [...]

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    Despite growth projections, IMF says Nigeria’s economy may ‘not be so lucky’

Despite growth projections, IMF says Nigeria’s economy may ‘not be so lucky’

The International Monetary Fund (IMF) says Nigeria's economy might not be so lucky despite the growth projections from various quarters.Giving his opening remarks at the unveiling of the 2018 World Economic Outlook on Tuesday, Maurice Obstfeld, IMF's chief economist, said commodity exporting countries will need to diversify their economies to boost further growth.With a 0.8 percent growth signalling an exit [...]

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    ‘Nigeria’s economic recovery poised to build momentum in Q2’

‘Nigeria’s economic recovery poised to build momentum in Q2’

Market optimism over the recovery of Africa’s largest economy has increased steadily throughout the first trading quarter of 2018.The combination of appreciating oil prices, foreign exchange stability and easing inflationary pressure has boosted confidence in Nigeria’s economy. With the nation’s GDP hitting 0.82% in 2017 and predicted to register a positive trajectory amid strengthening domestic demand, the outlook continues to [...]

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    IEA: Growth in OPEC production depends on Nigeria, two others

IEA: Growth in OPEC production depends on Nigeria, two others

The International Energy Agency (IEA) says the growth in the production capacity of the Organization of Oil Exporting Countries (OPEC) depends on stability in Nigeria, Iraq and Libya.IEA made this prediction in its latest market report series titled 'Oil 2018: Analysis and Forecasts to 2023'. "Our analysis shows that discoveries of new oil resources fell to another record low in 2017, [...]

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    Oil falls below $60— Nigeria safe for now

Oil falls below $60— Nigeria safe for now

The global crude oil market seems not to have recovered from the fears of another supply glut as West Texas Intermediate (WTI) fell below $60 on Tuesday.Brent crude, the international benchmark of crude oil, traded at $62; a safe place for Nigeria, whose Bonny Light oil is priced the same as Brent crude. [...]

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    Barkindo: Petroleum industry responding to growth not seen in years

Barkindo: Petroleum industry responding to growth not seen in years

Mohammed Barkindo, secretary general, Organisation of Petroleum Exporting Countries (OPEC), says the petroleum industry is responding to demands not seen in years.He said this in an interview with Bloomberg Television on the sidelines of the World Economic Forum in Davos, Switzerland.He said growth in global demand of oil and increased conformity with supply cuts, will ensure market equilibrium in 2018 and [...]

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    Barkindo discusses oil market stability with emir of Kuwait

Barkindo discusses oil market stability with emir of Kuwait

Mohammad Barkindo, secretary general of Organization of the Petroleum Exporting Countries (OPEC), met with Sabah Al-Sabah, emir of Kuwait, on Wednesday to discuss oil market stability.Also in attendance were other Kuwaiti officials -- Anas Al-Saleh, the deputy prime minister and minister of state for cabinet affairs; Haitham Al-Ghais, the country's governor to OPEC and Bakheet Al-Rashidi, minister of oil, electricity and [...]

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    Oil prices soar to $67 — highest in over 2 years

Oil prices soar to $67 — highest in over 2 years

[...]

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    OPEC records highest level of cut compliance

OPEC records highest level of cut compliance

The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) says compliance with the production cut agreement has hit 122 percent -- the highest ever.JMMC said it reached this conclusion based on the report of the Joint OPEC-Non-OPEC Technical Committee (JTC) for November 2017.The JMMC was established after the 171st ministerial conference where 11 non-OPEC oil producing countries and 13 OPEC members agreed [...]

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    INTERVIEW: Nigeria has borrowed enough, says FXTM researcher

INTERVIEW: Nigeria has borrowed enough, says FXTM researcher

Lukman Otunuga, a research analyst at FXTM, says Nigeria has borrowed enough in recent times and could miss the opportunity to bounce back if borrowed funds are not well utilised.The federal government through the Debt Management Office has issued various debt instruments like the Sukuk, Eurobond, savings bond and plans to float a Green bond in December.In an interview with [...]

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    We resisted the word ‘cut’, says Kachikwu on Nigeria’s exemption from OPEC agreement

We resisted the word ‘cut’, says Kachikwu on Nigeria’s exemption from OPEC agreement

Ibe Kachikwu, minister of state for petroleum resources, says Nigeria has resisted the word "cut" in crude production.He said this in reaction to the country's exemption from the production cut agreed on by the Organisation of Petroleum Exporting Countries (OPEC).The minister, however, said Nigeria has been cautioned to be disciplined and not flood global markets with crude.Kachikwu made this known [...]

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    Equities slide ahead of a busy week, oil under the radar

Equities slide ahead of a busy week, oil under the radar

Despite a record high close on the S&P 500 on Friday, Asian equities edged lower, led by Korean markets.Chinese stocks continued to decline after having the biggest one-day selloff in 17 months on Thursday, as rising government and corporate bond yields signaled tighter liquidity conditions.Whether the selloff is a slight correction after a strong surge in 2017, or steeper [...]

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    Oil prices hit two-year high amid supply cuts

Oil prices hit two-year high amid supply cuts

Oil prices are on a two-year high with Brent crude peaking at $60.80 down from $60.91 per barrel on Tuesday.Nigeria's budget benchmark for 2017 is $44.50 per barrel.Reuters reports that benchmark Brent LCOc1 was down 10 cents at $60.80 per barrel by 1050 GMT, not far off July 2015-highs reached earlier this week, and up around 37 percent since their 2017 [...]

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Exchange Rates

August 01, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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