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.

atobs4real:
Crude oil for dollars killing us little by little

atobs4real:
Crude oil for dollars killing us little by little

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

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

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.....

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/