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Oil Price Risen To $93 Per Barrel Highest In Seven Years - Business - Nairaland

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Oil Price Risen To $93 Per Barrel Highest In Seven Years by BrandSpurNG: 8:56am On Feb 08, 2022
On Friday, crude oil prices surpassed $93 per barrel for the first time since October 1, 2014.

Brent crude futures, the global benchmark for oil, rose more than 2.9 percent to $93.54.

Likewise, West Texas Intermediate (WTI) crude futures rose 2.5 percent to $92 per barrel.

Oil prices have continued to rise in recent months as countries eased lockdowns and lifted travel restrictions.

On Friday, crude oil prices surpassed $93 per barrel for the first time since October 1, 2014.

Brent crude futures, the global benchmark for oil, rose more than 2.9 percent to $93.54.

Brent crude futures, the global benchmark for oil, rose more than 2.9 percent to $93.54.

Likewise, West Texas Intermediate (WTI) crude futures rose 2.5 percent to $92 per barrel.

Oil prices have continued to rise in recent months as countries eased lockdowns and lifted travel restrictions.

The oil market also benefited from the Ukraine crisis, which raised concerns about potential supply disruptions.

The rise in global crude oil prices should have signaled an increase in Nigeria’s revenue, but the government was shortchanged by subsidy payments.

Subsidy payments consumed N270 billion in December 2021, amounting to N1.43 trillion in annual expenses, reducing revenue accrued to the federation account.
https://brandspurng.com/2022/02/06/oil-price-risen-to-93-per-barrel-highest-in-seven-years/

6 Likes 1 Share

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by DrGoodman: 8:58am On Feb 08, 2022
We need to borrow more from China grin

10 Likes

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by Rastaramsey(m): 9:03am On Feb 08, 2022
WTF man....

Buhari is really the worst president ever lipsrsealed lipsrsealed

11 Likes 2 Shares

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by Tolumiide: 10:35am On Feb 08, 2022
Oil price goes up, our government will say we will have to pay more for it. Oil price goes down, our government will say we will have to pay more for it because they have demands to meet and they really on oil revenue.
Either way, we will be reminded of 16 years of misrule. But i think it's safe to say 22 years now.

82 Likes 4 Shares

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by Emnyte(m): 10:36am On Feb 08, 2022
Money money money

1 Like

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by Ezeama400: 10:36am On Feb 08, 2022
Despite this earning they will still blame PDP for their inability to fix the nation they said they would fix

40 Likes

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by omoadeleye(m): 10:36am On Feb 08, 2022
Okay
Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by Adexswagx(m): 10:37am On Feb 08, 2022
where will they keep the change
Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by Oyehomie(m): 10:37am On Feb 08, 2022
We dey watch.?
Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by chigator2: 10:37am On Feb 08, 2022
The Right Headline :

Looting Bound to Increase by $93 per Barrel Highest in 7 years.

13 Likes 1 Share

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by Jackiedemie(m): 10:37am On Feb 08, 2022
Congrats to the incoming President
Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by Vibesking(m): 10:37am On Feb 08, 2022
Our 2022 budget anchored oil price benchmark at $62/b. Since oil price has now soared to $93, it means we'll be having $31/b extra in our Excess Crude Account.

This is good news as more budgetary funds could be channeled into key industries/ministries such as education, agriculture, manufacturing.

But I trust this government. They'll squander whatever has been generated from the ECA and go on a spending spree.

15 Likes

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by DontBullshitMe: 10:37am On Feb 08, 2022
Petrol Subsidy will eat up the major gains. Although, irrespective of that, this news signals that our revenue expectation will run into excess which is a good thing.


How I wish Nigeria can just become an industrialised nation? Dependence on oil is shiiiity. We can't continue this way. A country of 200 million + so fuçking unproductive!? Kai! Spits! Are we not ashamed of ourselves?

5 Likes

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by 9jaBloke: 10:38am On Feb 08, 2022
If the federal government had been responsible all these years and fixed our refineries. This would have been a clear case of preparation meets opportunity and we would have saved up, diversified and cashed out big time.

Now we will sell crude at a high price and be forced to import/transport a few by-products at a much higher cost and still be the worse for it.

Nigeria's present political space is accursed.

4 Likes

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by Ayodekfarms(m): 10:38am On Feb 08, 2022
Let's hear their excuses this time around.
That vulture griller who's been crying day and night over low oil price can now have another excuse over Bubu's failure.

Spit

2 Likes

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by luizpippo(m): 10:38am On Feb 08, 2022
But will this put an end to the fuel queues we are experiencing
Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by abbaapple: 10:38am On Feb 08, 2022
angry



No more complain from this our Bubu again lipsrsealed

2 Likes

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by usecondom(m): 10:38am On Feb 08, 2022
We are back at the peak, now let's see where the lies of no money will come from. Money don land yanfu yanfu now oya cut am into pieces.

1 Like

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by realtemi(m): 10:38am On Feb 08, 2022
What we need in Nigeria is good leadership,
I repeat, just Good leadership
Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by Conner44: 10:39am On Feb 08, 2022
Yet the common Nigerian will never feel the impact of this historic sales price sad paying taxes without enjoying its benefits

Fuel prices and erections are the only things going up and down in Nigeria smiley

2 Likes

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by animatormide: 10:39am On Feb 08, 2022
hmmmmmmm
Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by Irupetepete: 10:39am On Feb 08, 2022
Ok
Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by Imstrong2(m): 10:39am On Feb 08, 2022
Our economy might be at the receiving end as usual and other subsequent multiplying effecs..
We will survive sha
Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by atdscentofwater: 10:39am On Feb 08, 2022
Hmmmmm
Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by miniziter(m): 10:39am On Feb 08, 2022
G
Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by OakConsultNG: 10:40am On Feb 08, 2022
Interesting times..
Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by FreeStuffsNG: 10:40am On Feb 08, 2022
Nice one. Buy stocks of oil companies now.
This is good news to us after the pandemic squeeze.
God bless Nigeria forever.

1 Like

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by sotall(m): 10:41am On Feb 08, 2022
Buhari will still complain
Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by Glorious88: 10:41am On Feb 08, 2022
Crude oil don pump like btc grin

1 Like

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by SeriouslySense(m): 10:43am On Feb 08, 2022
Oil prizes makes the Lazy excited grin grin wink

I hope Oil is banned soon, let me see how lazy people will run to sacrificing people. cheesy cheesy cheesy
Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by Joseph08(m): 10:44am On Feb 08, 2022
Buhari right now...

"That means we need more loans in the kwantry".

1 Like

Re: Oil Price Risen To $93 Per Barrel Highest In Seven Years by IMASTEX: 10:46am On Feb 08, 2022
Well good news to Sinzu money and his gangs. More money to be looted.

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