On Wednesday, Brent Crude, the global oil benchmark, dropped 3.28 percent to trade at $99.40 a barrel — the first time since February 20, 2022., on Wednesday, attributed the fall in the price of the commodity to growing recession fears.A report by Citigroup noted that oil prices could plummet to $65 a barrel by the end of 2022 and further slump to $45 a barrel by the end of 2023 if the global economy experiences a recession that could cripple fuel demand.
“For oil, the historical evidence suggests that oil demand goes negative only in the worst global recessions,” Bloomberg quoted Citigroup analysts as saying.Oil prices have also been affected by a rallied dollar, according to Reuters, which is holding at a 20-year high against the euro and multi-month peaks against other major currencies.
In February, when crude oil was about $102 dollars a barrel, Timipre Sylva, minister of state for petroleum resources, said the increase was not good for the country.TheCable had reported that petrol subsidy payments gulped N1.27 trillion in the last five months — about 31 percent of the N4 trillion provision for the year.
Gen Gen!
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BREAKING: Oil prices drop below $100 a barrel -- lowest in three months | TheCableOil prices fell below $100 a barrel amid fears of a global recession outweighed supply concerns. On Wednesday, Brent Crude, the global oil benchmark, dropped 3.28 percent to trade at I hope FG would revert immediately?
Source: thecableng - 🏆 2. / 80 Read more »
Oil firms not drilling except NNPC, says KyariThe Group Managing Director, Nigerian National Petroleum Company Limited, Mele Kyari, on Tuesday announced that the decline in the funding of oil investments had virtually led to a halt in the drilling of crude oil by operators in the sector except for the NNPC.
Source: MobilePunch - 🏆 8. / 63 Read more »
Zelensky denounces Greek firms' export of Russian oil | The Guardian Nigeria News - Nigeria and World NewsUkrainian President Volodymyr Zelensky on Tuesday denounced the role of Greek companies in the export of Russian oil, seeing it as a situation which “does not correspond to the interests of Europe”. “We see how Greek companies provide almost the largest tanker fleet for the transportation of Russian oil,” Zelensky said during a videoconference speech […] This id!ot wants the whole world to starve for his ego. How much did he sacrificed or suffer when other countries were being bombed?. Don’t ask of others what you never gave.
Source: GuardianNigeria - 🏆 1. / 94 Read more »
OPEC working to restore oil production figures — BarkindoThe outgoing Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Mohammed Barkindo, has expressed confidence that the worst is over and the future looks very promising for the organisation There will never be a permanent solutions without Russia's oil. He brought noise of solvent and insolvent during the twilight era of Jonathan. Now we have long queues, high fuel prices and scarcity, Asuu strikes going for months and high fare in flights, yet no noise from anyone about insolvent or solvent.
Source: Daily Trust - 🏆 13. / 51 Read more »
Kyari: NNPC Determined to Compete with Private Sector Players in Oil Industry – THISDAYLIVEAtiku and Tinubu are on vacation in another man's country, enjoying 24hrs electricity while his supporters are in Nigeria looking for where to charge their phones for 15mins. So they can come online to beg for money & attack the Obi ...... 😶😶
Source: THISDAY LIVE - 🏆 14. / 51 Read more »
Oil Tumbles Nearly $12 in Biggest Drop Since March – THISDAYLIVE
Source: THISDAY LIVE - 🏆 14. / 51 Read more »