6 h. ago Oil price tumbles below $60 as OPEC+ accelerates output hikes, surplus looms

Oil prices fell more than $2 a barrel in Asian trade on Monday as OPEC+ is set to further speed read more Oil price tumbles below $60 as OPEC+ accelerates output hikes, surplus looms

Politics

47 h. ago OPEC+ agrees another accelerated oil output hike for June, sources say

Eight OPEC+ countries meeting on Saturday have agreed to a further accelerated oil output hike for June of 411,000 barrels read more OPEC+ agrees another accelerated oil output hike for June, sources say

Politics

69 h. ago OPEC+ to meet on Saturday to set June output policy, sources say

Eight OPEC+ countries will meet on Saturday to decide whether to agree a further accelerated oil output hike for June read more OPEC+ to meet on Saturday to set June output policy, sources say

Politics

4 d. ago Oil price to stay lower for longer as Saudi Arabia abandons price defence for market share

Saudi Arabia’s shift from defence of oil price to aiming to expand market share could mean lower crude price for read more Oil price to stay lower for longer as Saudi Arabia abandons price defence for market share

Politics

1 week 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

Politics

1 week ago IMF Lowers Nigeria’s 2025 Growth Forecast To 3.0% On Weakening Oil Price

The International Monetary Fund (IMF) has revised downward Nigeria’s economic growth projections for 2025 and 2026, to 3.0 for 2025 and 2.7 for 2026 as global uncertainties grow and sustained weaknesses in oil prices impact the country’s economy. This is as it sees a growing probability of a recession from per cent in October to […]

Politics

2 w. ago BREAKING: Again, Dangote Refinery Slashes Petrol Price To N835 Per Litre

The Dangote Petroleum Refinery has announced another reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol from N865 to N835 per litre. The price slash came after the recent decline in global crude oil prices, which have dropped to $64 per barrel from over $70 per barrel in recent weeks. […]

Politics

3 w. ago Oil price slump as tariff tension pushes Nigeria’s FX market into turbulence

By Chinwendu Obienyi Nigeria’s foreign exchange (FX) market is once again facing renewed volatility as global economic uncertainties, driven by slumping oil prices and protectionist trade measures from the United States, continue to exert pressure on the naira and the nation’s external reserves. Daily Sun gathered that despite demand pressures and intervention by the Central […] The post Oil price slump as tariff tension pushes Nigeria’s FX market into turbulence appeared first on The Sun Nigeria.

Politics

3 w. ago Petrol price, oil imports to drop as FG announces continuation of naira

By Adewale Sanyaolu Hopes of a further drop in fuel price brightened yesterday as the Federal Government announced the continuation of the Naira-for-Crude policy. In a statement, the ministry of finance announced that the decision to sustain the initiative was taken after a meeting of the technical sub-committee on the crude and refined product sales […] The post Petrol price, oil imports to drop as FG announces continuation of naira-for-crude deal appeared first on The Sun Nigeria.

Politics

3 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.

Politics

3 w. ago China retaliates with 84% tariffs on US goods, pushes oil price below 2021 levels

China’s finance ministry has announced an 84% tariff on all goods imported from the US. The ministry says that these read more China retaliates with 84% tariffs on US goods, pushes oil price below 2021 levels

Politics

3 w. ago Goldman Sachs Slashes Oil Price Forecast To $58/b On Recession Fears

Goldman Sachs has slashed its oil prices forecasts again and now expects Brent Crude to average below $60 per barrel next year, at $58, amid recession risks, slowing demand, and more supply from the OPEC+ producers. The investment bank had previously forecasted oil demand growth at 600,000 barrels per day (bpd) this year but now […]

Economics

4 w. ago Crude price crash: Petrol can drop below N400/litre — Refiners

Crude Oil Refinery Owners Association of Nigeria has said that the price of Premium Motor Spirit (petrol) can drop below N400 per litre with the current crash in crude oil prices. CORAN argued that there is no reason petrol should not be sold at NN350 per litre if crude prices eventually fall to $50 per Read More

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