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Oil price rises to $82 a barrel amid fears of global recession

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Oil prices rose on Friday to $82 a barrel amid fears of a global recession.

Brent crude, the global oil benchmark, climbed 1.29 percent to $82.64 a barrel at 19:30 GMT+1, while US West Texas Intermediate (WTI) crude rose 1.16 percent to $76.60 a barrel.

In January, World Bank had warned that given fragile economic conditions, any new adverse development — such as higher-than-expected inflation, abrupt rises in interest rates to contain it, a resurgence of the COVID-19 pandemic or escalating geopolitical tensions — could push the global economy into recession.

So far, the price of the commodity has remained below $100 a barrel in the year.

Bolade Agboola, oil and gas sector analyst at Meristem Securities Limited, told TheCable that the price of the commodity is expected to remain at its current level.

“We are not expecting any drastic upsurge in the near term and even if there would be, neither do we expect crude oil price to cross 100/bbl at any time this year,” she said.

“This is hinged on the expectation of a tight gap between global demand and supply.

“In addition, fears of recession in the global economy are expected to exert pressure on oil demand growth which might keep the price in check.”

The recent oil price is 9 percent above the benchmark in Nigeria’s 2023 budget.

Agboola said the current price presents an opportunity for Nigeria to finance the 2023 budget “as it is above the assumed price of $75/bbl in the 2023 FGN budget”.

However, she said the risk to this opportunity is not being able to attain or surpass the set production volumes for the country.

“In summary, oil prices hovering around $80/bbl would be beneficial if it is supported by higher production volumes,” Agboola said.

So far, Nigeria’s oil production figure has increased steadily from January 2023 to February 2023 (from 1.25 million barrels of oil per day to 1.30 million bpd).

But despite the rise in oil output, the country failed to meet its Organisation of Petroleum Exporting Countries (OPEC) quota of 1.8 million bpd.

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Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

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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.

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Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

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The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

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Allegation of missing fund untrue, says Access Bank

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Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

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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

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