69 h. ago Oil falls 2% after sources say OPEC+ mulls accelerating output

Oil prices slipped 2% on Wednesday as sources said OPEC+ would consider accelerating its oil output increases in June, but read more Oil falls 2% after sources say OPEC+ mulls accelerating output

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4 d. ago Federation account revenue falls to ₦1.94 trn amid drop in oil receipts – CBN

From Adanna Nnamani, Abuja In January, Nigeria’s Federation Account revenue dropped to ₦1.94 trillion, a 31.35% decline from December 2024 and 35.22% below the monthly benchmark, according to the Central Bank of Nigeria’s (CBN) January 2025 Economic Report. The fall was driven by reduced receipts from Petroleum Profit Tax (PPT), royalties, Company Income Tax (CIT), […] The post Federation account revenue falls to ₦1.94 trn amid drop in oil receipts – CBN appeared first on The Sun Nigeria.

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5 d. ago Fiscal pressure mounts as FG slashes spending, deficit expands

By Chinwendu Obienyi The Federal Government of Nigeria (FGN) recorded a significant decline in expenditure and revenue in January 2025, as fresh data from the Central Bank of Nigeria (CBN) revealed a deepening fiscal deficit and falling receipts from both oil and non-oil sources. According to provisional figures from the apex bank’s economic report for […] The post Fiscal pressure mounts as FG slashes spending, deficit expands appeared first on The Sun Nigeria.

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1 week ago OPEC cuts global oil demand growth forecasts over US tariffs

The Organisation of the Petroleum Exporting Countries on Monday slightly cut its forecast for oil demand growth, citing the impact of US tariffs on the world economy. A report by Reuters quoting the OPEC Monthly Oil Market Report for April said the Secretariat now sees demand growing by 1.3 million barrels per day in 2025, Read More

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2 w. ago Oil prices fall further, throwing Nigeria’s budget in turmoil

Oil prices retreated on Thursday as U.S. President Donald Trump ramped up a trade war with China, even as he read more Oil prices fall further, throwing Nigeria’s budget in turmoil

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2 w. ago Nigeria’s oil revenue threatened by price drop to $59 per barrel

The price of crude oil has dropped to $59 per barrel, the first decrease since February 2021. According to reports on Wednesday, Brent crude, global oil price, fell by 5.09 percent to $59.62 per barrel at 12.30 WAT, while the US West Texas Intermediate fell by 5.54 percent to $56.28 per barrel. The fall in […] The post Nigeria’s oil revenue threatened by price drop to $59 per barrel appeared first on The Sun Nigeria.

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2 w. ago NNPC crude suspension to Dangote refinery affected OPEC output – Report

The decision of the Nigerian National Petroleum Company Limited to suspend crude supply to the Dangote and other refineries affected the output of the Organisation of the Petroleum Exporting Countries in March. A Reuters survey found that OPEC oil output fell in March as Nigeria curbed deliveries to domestic refineries. In March, supply from Nigeria, Read More

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