London/Tokyo — Oil prices fell on Monday as signs of a progress in the U.S.-Iran nuclear talks that could lead…
Browsing: oil price fall
MOSCOW — Russia never sought a sharp oil price fall or an end to cooperation with Organization of Petroleum Exporting…
“But my projection is that within the six to nine months’ window, all things being equal, militancy remaining calm and the investment that are required being urgently done to repair the existing pipelines, we should get to the sort of figure that we had before,” the minister said.
“Also, disruptions are relatively high at the moment, suggesting there is room for production to come back in Libya, Yemen, or Nigeria if politics allow. But low oil prices could also trigger strikes and unrest in producing countries. In short, if Saudi output remains constant, oil prices should trend higher,” it concluded.
Brent crude, the international benchmark, has gained over 22 per cent in April — up more than 70 per cent from its January lows. The US marker, West Texas Intermediate, has recorded a similar increase this month.
He noted that although the usual problem of disruption of oil production continued as a result of shut-ins and shut-down of oil facilities for repairs and routine maintenance during the month, there was slight increase in output, resulting in a marginal income due to a 10 per cent drop in crude oil price.
According to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, “I will be doing a lot of shuttle diplomacy with the President of OPEC to see how we can engage Saudi more, engage Iran more.”
Discrepancies between NNPC and companies with production sharing contracts (PSCs) that entitle them to oil have always existed, but the crude price crash has increased the urgency to sort them out as both state and foreign firms feel the pinch.
01 April 2016, Abuja – The New Initiative for Credible Leadership has tasked the Nigerian Export Promotion Council (NEPC) to increase…
The Nigerian economy has been hit by dwindling crude oil prices, leading to a shortage of foreign exchange, a shrinking economy and spiraling inflation, which have all impacted on the standard of living and impeded the ability of several state governments to pay the salaries of their workers.
