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Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 - Politics - Nairaland

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Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by ijustdey: 10:20am On Apr 02
Crude oil prices, on Monday, increased to a five-month high.

Brent crude increased by 0.56 percent to $87.54 a barrel while US West Texas Intermediate (WTI) crude rose 0.79 percent, to $83.83 percent, at 20.00 WAT.

Consequently, the development puts both crude benchmarks on track for their highest closes since October 27, 2023.

This is above the $77.96 per barrel the federal government benchmarked as oil price in the 2024 budget.

It is also higher than the $65 per barrel used by the Nigerian National Petroleum Company (NNPC) Limited to calculate the allocated (90,000 barrels) crude in the $3.3 billion crude-for-cash loan agreement with African Export-Import Bank (Afreximbank).

NNPC, in a statement on January 21, had said if “oil prices rise, more money will come in from selling the 90,000 barrels, allowing for faster repayment. However, if oil prices fall, the repayment may be slower”.

“The quantity of crude earmarked (90,000 barrels) is sized to ensure enough cash is available for the repayment of the facility when it is due,” NNPC said.

“This also ensures that NNPC Limited can meet other cash flow obligations, considering the expected future price of crude oil globally.”

NNPC said oil prices are highly unpredictable, meaning prices can fluctuate within any given period.

Meanwhile, the Organisation of Petroleum Exporting Countries (OPEC), on March 13, said Nigeria’s average daily crude oil production dropped to 1.32 million barrels per day (bpd) in February.

However, OPEC’s secondary sources put Nigeria’s crude production at 1.476 million bpd — a 3.29 percent uptick from the 1.429 million bpd reported by the oil cartel in January this year.

https://www.thecable.ng/crude-oil-price-rises-to-87-per-barrel-highest-since-october-2023/amp?/crude-oil-price-rises-to-87-per-barrel-highest-since-october-2023

4 Likes 1 Share

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by Boogyman557: 10:27am On Apr 02
Holly Gram cool


EBIN PAWA ooo !!!


LITE UP my WEED in peace


WTF MAN!

8 Likes 1 Share

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by CodeTemplar: 11:17am On Apr 02
We have idea where oga Bola and Yemi are getting the dollars they are posing with in forex market.

8 Likes 4 Shares

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by INTEGRITYA1(m): 11:44am On Apr 02
Good, that will help us to make more money.
Make Government try to channel our resources rightly for the betterment of all and sundry.

God Bless Nigeria.
God Bless me.

8 Likes

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by Gbadugbakun(m): 11:44am On Apr 02
undecided

3 Likes

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by NeckingNgulping(m): 11:45am On Apr 02
Now that the price of crude has gone higher than it reflects in the budget, it means that there will be more money from sales. Hope the added money will be well utilized.

6 Likes

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by Mikuni(m): 11:46am On Apr 02
Good news. As a forex trader, we know that when a country increases its interest rate, the corresponding currency appreciates on the long term.

Nigeria has not just increased her interest rate, but also our main stay - petroleum is now more valuable. That's a big plus for the currency.

13 Likes 2 Shares

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by Ejyksneh(m): 11:47am On Apr 02
From time immemorial, anything that associates with sadwest ewedu munchers depreciates to oblivion, especially if the ewedu muncher is a head slammers.

With this understanding, I used and dumped one lady who is yaríba ewedu muncher, she loved me with her life but I ha.ted everything about her including her foot marks on the floor......I climbed and nuts inside her smelly cunt every night I'm less busy, she has the trade mark of sadwest ladies, which is black smelly yansh......she cried to pulp the day i dumped her....she is a bad luck safe for her bedmatic quality, she is evil.

I advise well meaning Nigerians to avoid ewedu munchers for their own good

2 Likes

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by atobs4real(m): 11:48am On Apr 02
I pray it has a positive impact in our dear country

3 Likes

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by atobs4real(m): 11:48am On Apr 02
Crude oil for dollars killing us little by little

1 Like

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by UHLmoving: 11:49am On Apr 02
atobs4real:
Crude oil for dollars killing us little by little

Nigeria's crude oil should be sold for Naira. Any country that wants our oil should buy it in Naira, and then zero importation of petroleum products - the government should enable refineries to refine the fuels we need.

that is one of the potent ways to increase the value of the Naira.

But guess what, Neither Tinubu nor his predecessors have the guts to demand Naira from US buyers. They are scared that foreign buyers might dish our oil.

4 Likes

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by Kaa4(m): 11:49am On Apr 02
I lost trust in that man in glasses since he became the GMD and he has been clever enough for the President. So new new expectation.
Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by atobs4real(m): 11:50am On Apr 02
Crude oil for dollars killing us little by little
We would have had enough if such bargain is not made.
Well, not bad bcoz even since crude oil has been selling, we have no meaningful.....

1 Like

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by sms4sure(m): 11:51am On Apr 02
God bless Nigeria. Bola Tinubu the intelligent and a very lucky man.

2 Likes

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by Tjra: 11:52am On Apr 02
Children of hate and anger will still cry about this.

1 Like

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by Idun2024(f): 11:53am On Apr 02
Hehehe

This is propaganda

3 Likes

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by AmazingELixir: 11:53am On Apr 02
Ok

More money for Nigeria and crude oil thieves.
Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by UHLmoving: 11:54am On Apr 02
When will diesel price drop

1 Like 1 Share

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by IbeOkehie: 11:54am On Apr 02
Some observers of the recent economic depression have long maintained that Nigerians are so inept that only a rise in crude oil prices would bring any relief.

Touche.

Good Luck to Nigeria
Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by CoronaVirusPro: 11:54am On Apr 02
atobs4real:
Crude oil for dollars killing us little by little

Exactly!

We should be selling with Naira and importing with USD.
Since we are a consuming nation, it will revive our economy.

🤦‍♂️

2 Likes 1 Share

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by SporaD8: 11:55am On Apr 02
It's Such a shame that an important thread as this - that will change the fortune of Nigeria - on Frontpage having this much Tribal slurs yet the Owner of Nairaland said he's fighting Tribalism!

1 Like

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by Honestey: 11:56am On Apr 02
Lucky Tinubu

1 Like

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by illuminutty: 12:04pm On Apr 02
More funds for the drug lord and his cohorts to loot while agbado urch!ns keep crying ''

1 Like 1 Share

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by Ategberoson(m): 12:10pm On Apr 02
Ejyksneh:
From time immemorial, anything that associates with sadwest ewedu munchers depreciates to oblivion, especially if the ewedu muncher is a head slammers.

With this understanding, I used and dumped one lady who is yaríba ewedu muncher, she loved me with her life but I ha.ted everything about her including her foot marks on the floor......I climbed and nuts inside her smelly cunt every night I'm less busy, she has the trade mark of sadwest ladies, which is black smelly yansh......she cried to pulp the day i dumped her....she is a bad luck safe for her bedmatic quality, she is evil.

I advise well meaning Nigerians to avoid ewedu munchers for their own good



You go explain to your blockhead kinsmen tired and they won't still understand your imbecilic frustration


Yoruba ain't your igbotistic rubbish mate

1 Like

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by tuoyoojo(m): 12:13pm On Apr 02
Add this to Tinubu's report card achievement
Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by anonimi: 12:18pm On Apr 02
ijustdey:


https://www.thecable.ng/crude-oil-price-rises-to-87-per-barrel-highest-since-october-2023/amp?/crude-oil-price-rises-to-87-per-barrel-highest-since-october-2023

So what is Tinubu and APC's excuse again for the extreme poverty, unemployment and lack of infrastructure, law & order failures

Are they just stealing and looting our treasury as they did in Lagos since 1999?

1 Like 2 Shares

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by EdiskyHarry: 12:19pm On Apr 02
I wish my Niger delta will wise up one day.

1 Like

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by anonimi: 12:22pm On Apr 02
atobs4real:
Crude oil for dollars killing us little by little
We would have had enough if such bargain is not made.
Well, not bad bcoz even since crude oil has been selling, we have no meaningful.....

Are you talking about the Afreximbank loan to stabilise our exchange rate

Ibusho:
The Federal Government on Friday received a $2.25b foreign exchange support facility from the African Import-Export Bank.

The Minister of Finance, Wale Edun, confirmed this to Arise TV, said it is the first tranche of the $3.3bn facility from the bank. He noted that the loan was aimed at resolving the acute FX shortage that has hampered the economy.

According to the report monitored by our correspondent, the balance of $1.05bn will be received in the first week of January.

Edun stated that work has commenced for solutions to Nigeria’s economic challenges.

In August, the Nigerian National Petroleum Company Limited announced that it had secured a $3bn emergency loan from the Afrexim Bank to stabilise the country’s volatile foreign exchange market.

https://punchng.com/fg-receives-2-25bn-afrexim-bank-loan/

1 Like 2 Shares

Re: Crude Oil Price Rises To $87 Per Barrel — Highest Since October 2023 by wink2015(m): 12:24pm On Apr 02
NIGERIA GO AND FACE AGRICULTURE

Crude oil money does not reflect true wealth of Nigeria as it is only the south south region that all the states focus their attention on for resources.

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