Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,148,898 members, 7,802,899 topics. Date: Saturday, 20 April 2024 at 02:30 AM

Oil Price Rises To Two-Month High Of $35 - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Oil Price Rises To Two-Month High Of $35 (18498 Views)

Oil price rises as uncertainty over Nigeria elections, Venezuela tension mounts / Make $250 Or More Weekly With One Time Investment Of $35. / Brent Crude Oil Jumps To 26-month High As Kurds Holds Referendum (2) (3) (4)

(1) (2) (3) (4) (Reply) (Go Down)

Oil Price Rises To Two-Month High Of $35 by Ceegar01: 6:53am On May 19, 2020
Oil Price Rises To Two-month High of $35

The Organisation of Petroleum Exporting Countries and its allies reached a deal in April to cut oil production by 9.7 million barrels per day in May and June in a bid to prop up the price of the commodity.

BY SAHARAREPORTERS, NEW YORKMAY 18, 2020

The international oil price benchmark, Brent crude, rose to its highest level since March on Monday as major oil producers cut their output levels and countries eased lock-downs.

The Organisation of Petroleum Exporting Countries and its allies reached a deal in April to cut oil production by 9.7 million barrels per day in May and June in a bid to prop up the price of the commodity.

Brent, against which Nigeria’s oil is priced, increased by $2.88 to $35.38 per barrel as of 6:05pm Nigerian time on Monday, ThePUNCH reports. 

OPEC said last Friday that the total effective global production adjustments could reach 20.1 million bpd, noting that some of its members, namely Kuwait, Saudi Arabia and the United Arab Emirates, had agreed on an additional 1.2 million bpd adjustment.

The Chief Market Analyst at Avatrade, Naeem Aslam, was quoted by Business Insider as saying that Monday was turning out to be a “remarkable day” for both Brent and the US benchmark, West Texas Intermediate.

He said, “The global economy is reopening and the oil glut has eased off.

“It is still unclear if the prices can continue their upward journey at the current pace, and especially if we have a valid reason for the crude price to top the $35.”

Energy Intelligence reported on Monday that OPEC might extend the cuts to the rest of the year, citing an unnamed OPEC delegate.
https://www.google.com/url?q=http://saharareporters.com/2020/05/18/oil-price-rises-two-month-high-35&sa=U&ved=2ahUKEwiiqe-Knr_pAhWLGuwKHQyrCQ4QFjAAegQIBRAB&usg=AOvVaw2dhZXiAFNkz0XfHKyONRYU

3 Likes

Re: Oil Price Rises To Two-Month High Of $35 by helinues: 6:55am On May 19, 2020
Well not bad but still below expectation

6 Likes

Re: Oil Price Rises To Two-Month High Of $35 by StubbornGENIUS: 6:56am On May 19, 2020
This is a welcome development

17 Likes 1 Share

Re: Oil Price Rises To Two-Month High Of $35 by mamaafrik(m): 6:56am On May 19, 2020
Somehow i just feel the oil should remain at $2 per barrel for like two years,maybe the government will take diversification of the economy seriously.

74 Likes 4 Shares

Re: Oil Price Rises To Two-Month High Of $35 by helinues: 6:57am On May 19, 2020
mamaafrik:
Somehow i just feel the oil should remain at $2 per barrel for like two years,maybe the government will take diversification of the economy seriously.

Abi.. It seems like our leaders are lazy thinkers

5 Likes

Re: Oil Price Rises To Two-Month High Of $35 by Davash222(m): 6:58am On May 19, 2020
helinues:


Abi.. It seems like our leaders are lazy thinkers
No be una elect them

22 Likes

Re: Oil Price Rises To Two-Month High Of $35 by INTEGRITYA1(m): 6:59am On May 19, 2020
Better.
Re: Oil Price Rises To Two-Month High Of $35 by helinues: 7:00am On May 19, 2020
Davash222:

No be una elect them

Guy pls stop quoting me if you don't have meaningful thing to say.

Who elected Ikpeazu?

41 Likes 2 Shares

Re: Oil Price Rises To Two-Month High Of $35 by Flyingngel(m): 7:00am On May 19, 2020
Good development for APC led government.
Let them continue with their mono economy, one day e go be.
Re: Oil Price Rises To Two-Month High Of $35 by Davash222(m): 7:01am On May 19, 2020
helinues:


Guy pls stop quoting me if you don't have meaningful thing to say.

Who elected Ikpeazu?
How you easily left the head and attacked the tail shows the level of your bigotry.

34 Likes 3 Shares

Re: Oil Price Rises To Two-Month High Of $35 by Nobody: 7:04am On May 19, 2020
shocked

Oil price will definitely rise above what it was was pre Pandemic due to increasing demand as countries reopen and begin energy consumption.

This will give the nation's economy enough time to absorb or recover from the shock or loss. Then we can begin the process of a gradual diversity of the economy. It's a process not a emergency. The relevance of oil is still superior to renewable energy.

6 Likes 1 Share

Re: Oil Price Rises To Two-Month High Of $35 by helinues: 7:05am On May 19, 2020
Davash222:

How I easily left the head and attacked the tail shows the level of my dullness.

Fixed for you.

12 Likes 1 Share

Re: Oil Price Rises To Two-Month High Of $35 by Nobody: 7:05am On May 19, 2020
mamaafrik:
Somehow i just feel the oil should remain at $2 per barrel for like two years,maybe the government will take diversification of the economy seriously.

When little doodles who obviously are being taken care of by their parents talk, you will know. Because they have no input like food, water, and clothing to the house, they seldom understand the impact of a drastic diversification of the country's economy.

You ease into diversity not a jump. If I were you, I will be praying for mummy and daddy to absorbed of any impact as a result of falling oil price.

21 Likes 1 Share

Re: Oil Price Rises To Two-Month High Of $35 by ChiefAfonja: 7:05am On May 19, 2020
This is a very bad news for the hope of Nigerians

Oil price should fall to 0

Pls lord answer this sad

8 Likes

Re: Oil Price Rises To Two-Month High Of $35 by bolaayenimo: 7:05am On May 19, 2020
Buhari has bad luck on managing economy. Let him leave and see oil price jump to $100
Re: Oil Price Rises To Two-Month High Of $35 by Wiseandtrue(f): 7:06am On May 19, 2020
Now that things are going back to normal, I just hope it won't be an excuse to bring untold hardship on the masses again

Cause every situation, either positive or negative is an excuse for this government undecided

3 Likes

Re: Oil Price Rises To Two-Month High Of $35 by ecolime(m): 7:06am On May 19, 2020
Congratulations Nigeria undecided
Re: Oil Price Rises To Two-Month High Of $35 by Onota: 7:06am On May 19, 2020
helinues:


Abi.. It seems like our leaders are lazy thinkers

They don't think at all!

2 Likes

Re: Oil Price Rises To Two-Month High Of $35 by drlaykay(m): 7:07am On May 19, 2020
ecolime:
Good news
Bad news actually. We don't gain anything from the petroleum price increase as citizens. It only interprets to more available money to steal. And high oil price is not making us have sense as a nation. I'm enjoying the price as it's low. At least I am buying fuel at a cheaper rate.

This government have been telling us indirectly that no more fuel subsidy.
With the price hike, we might end up paying up to 200naira per litre.

9 Likes 1 Share

Re: Oil Price Rises To Two-Month High Of $35 by Kingrefreshed: 7:07am On May 19, 2020
Ceegar01:

https://www.google.com/url?q=http://saharareporters.com/2020/05/18/oil-price-rises-two-month-high-35&sa=U&ved=2ahUKEwiiqe-Knr_pAhWLGuwKHQyrCQ4QFjAAegQIBRAB&usg=AOvVaw2dhZXiAFNkz0XfHKyONRYU




Let it stay there for a while. We will move to solar fully
Re: Oil Price Rises To Two-Month High Of $35 by lonelydora: 7:08am On May 19, 2020
Who is buying oil now even at $35?

All oil tankers are just patrolling the seas looking who to buy oil like gala sellers in Lagos traffic.



Oil price will rise when the lockdown is eased in most countries.
Re: Oil Price Rises To Two-Month High Of $35 by sulaak(m): 7:08am On May 19, 2020
StubbornGENIUS:
This is a welcome development

Very bad development for Nigeria. Oil is the source of Nigeria poverty and underdevelopment. This means more debt and less development.

2 Likes

Re: Oil Price Rises To Two-Month High Of $35 by heykims(m): 7:08am On May 19, 2020
It is unfortunate for Nigeria
Re: Oil Price Rises To Two-Month High Of $35 by israelmao(m): 7:08am On May 19, 2020
It will continue to rise now as the lockdown is easing out.

1 Like 1 Share

Re: Oil Price Rises To Two-Month High Of $35 by Atheistan: 7:09am On May 19, 2020
Not bad
Re: Oil Price Rises To Two-Month High Of $35 by Nobody: 7:09am On May 19, 2020
Has the pandemic taught us a lesson or are we just going to move ahead like it never happened without the lessons taught?...
Re: Oil Price Rises To Two-Month High Of $35 by StubbornGENIUS: 7:09am On May 19, 2020
sulaak:


Very bad development for Nigeria. Oil is the source of Nigeria poverty and underdevelopment. This means more debt and less development.
What are you even saying?Didn't you know that oil was at a negative value recently?At least we'll be making money from it instead of the other way round.
Re: Oil Price Rises To Two-Month High Of $35 by Nobody: 7:09am On May 19, 2020
for the idiots who think Niger Delta oil will soon become useless.

oil can never become useless. don't listen to what the media says

6 Likes

(1) (2) (3) (4) (Reply)

Japan Pharma Company “Otsuka” Establish $50m Factory In Shagamu / How Good Is Omegapro? / Tony Elumelu Celebrates His 55th Birthday (Photos)

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 23
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.