Business
Oil price hits $115 a barrel — highest in seven weeks
Oil prices rose on Tuesday amid an ongoing push by the European Union for the Russian oil imports ban.
Brent crude climbed 1.04 per cent to $115.29 a barrel on Tuesday — the highest since March 28.
West Texas Intermediate (WTI) saw a corresponding leap of 0.36 per cent, trading at 114.6 a barrel.
On Monday, EU foreign ministers failed in their effort to pressure Hungary to sign up to a proposed embargo on Russian oil.
Jeffrey Halley, analyst at brokerage OANDA, said: “Oil prices have remained near multi-week highs this week, supported by surging gasoline and distillate prices in the U.S., and fears around an EU ban on Russian oil imports remaining in play”.
Meanwhile, Tina Teng, an analyst at CMC Markets, said: that “intensifying geopolitical tension” between the EU and Russia will further bolster prices, even as Sweden and Finland seek to join NATO.
High oil prices, among other underlying factors, continue to affect Nigeria’s deregulated oil market.
The Naira yesterday depreciated to N1,770 per dollar in the parallel market from N1,750 per dollar last weekend.
Similarly, the Naira depreciated to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.62 per dollar from N1,652.62 per dollar last weekend, indicating N23 depreciation for the naira.
The volume of dollars traded (turnover) fell by 55.2 percent to $108.79 million from $243.05 million traded last week Friday.
Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.
The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.
The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.
Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.
https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F
“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.
“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”
Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
Ododo surrenders Yahaya Bello to EFCC
Naira depreciates to N1,770/$ in parallel market
Port Harcourt Refinery begins crude oil processing
‘Thank you for keeping me since 1942’ — Mama Rainbow writes God
Tinubu writes reps, seeks Oluyede’s confirmation as COAS
Tacha announces relocation to UK
Governor Nwifuru suspends health, housing commissioners
‘You’ll pay huge price for allowing illegal migrants into US’, says Trump as he vows to punish Canada
Sanwo-Olu suspends media aide over misrepresentation of facts
Tope Adebayo speaks on his ‘best director’ win at BON Awards
Soma debunks ex-girlfriend’s abuse allegation, threatens lawsuit
Polygamy best form of marriage for Africa, says Okey Bakassi
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
-
Education2 days agoAkwa-Ibom to probe 26 schools as video depicts poor nutrition at boarding house
-
Business1 week agoLagos state government to commence upgrade of major junctions in Ikeja axis, seeks residents’ cooperation
-
Special Features4 days agoIyabo Ojo, Brainjotter, Dayo Oketola, Penzaarville, Tomiwa and others to speak at the Bodex Social Media Hangout 5.0
-
Politics1 week agoAiyedatiwa takes commanding lead in Ondo guber poll after winning 15 of 18 LGAs
-
Business4 days ago31 electricity towers affected as vandals destroy transmission lines in Edo communities
-
Special Features6 days agoDG ARCON, Dr Olalekan Fadolapo to speak at Bodex social Media Hangout 5.0
-
News2 days agoLagos state government shuts establishments in Gbagada, Ogudu, others over noise pollution, environmental violations
-
News7 days agoLagos state government seals Ile Iyan restaurant over waste disposal violations