Nigeria’s oil revenue declined by 22% to ₦3.9 trillion in the fourth quarter of 2024, reflecting a significant shortfall from budget expectations, according to the Budget Implementation Report released by the Budget Office of the Federation (BOF). The report revealed that the country earned ₦3.91 trillion in gross oil revenue during the period, a drop…
Global oil prices surged again on Monday as the military conflict between Israel and Iran escalated into a fourth consecutive day of missile exchanges, raising alarm over a prolonged crisis with far-reaching economic consequences. With both nations vowing further retaliation, markets reacted swiftly to the uncertainty rippling across the region. Brent crude and U.S. West…
Oil prices edged down slightly on Monday as markets turned their attention to high-stakes trade talks between the United States and China set to take place in London later in the day. The minor decline followed a week of strong gains, fueled by optimism that the world’s two largest economies could be moving toward a…
Ministers from the OPEC+ alliance are set to meet on Wednesday to review production levels, as oil markets remain on edge over the potential for further output increases. The meeting comes at a delicate time, with crude prices under pressure and fears mounting that another supply boost could exacerbate the downward trend. Oil prices have…
Oil prices slipped by 1% on Tuesday as concerns over a potential supply glut rattled investor confidence. The drop comes in the wake of progress in nuclear negotiations between Iranian and U.S. delegations, as well as anticipation that OPEC+ may soon agree to boost oil output. Brent crude futures closed the session down 65 cents,…
Oil prices edged lower on Monday as investor sentiment took a hit following a credit rating downgrade for the United States and weaker-than-expected economic indicators from China. The cautious tone in the markets emerged despite last week’s optimism surrounding a temporary trade truce between the U.S. and China. Brent crude futures slipped by 37 cents,…
Oil prices tumbled more than $2 per barrel in Asian trading on Monday, as OPEC+ moves to ramp up production, fueling fresh concerns about an oversupplied market grappling with unclear demand prospects. By 06:53 GMT, Brent crude futures had dropped $2.21, or 3.61%, trading at $59.08 a barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude…
Crude oil prices continued their downward trend on Tuesday, pressured by growing fears that the ongoing trade war between the United States and China could dampen global economic growth and energy demand. As of 06:35 GMT, Brent crude futures fell by 51 cents, or 0.8%, to $65.35 per barrel, while U.S. West Texas Intermediate (WTI)…
Nigeria, Africa’s top oil producer, is facing a worrying scenario as a large volume of its crude oil remains unsold just weeks before scheduled shipments. With over 80 million barrels of oil — including popular blends like Bonny Light, Forcados, Qua Iboe, and Escravos — still searching for buyers for April and May 2025, the…
Asian stocks managed to hold steady on Tuesday, displaying surprising resilience in the face of a global market storm that saw U.S. equities and the dollar take a heavy beating. With Wall Street still reeling from President Donald Trump’s latest attacks on Federal Reserve Chair Jerome Powell, the financial world is on edge—and investors are…
