“Saudi Arabia wants to hold prices from falling, but Russia is still not agreeing.”
Nigeria’s vulnerable economy may face further challenges following plans by the Organisation of Petroleum Exporting Countries to reduce crude oil output by about 2.7 million barrel per day in an attempt to save the market from the shocks of Coronavirus.
Asked on the impact of the development on the country’s revenues and the leeway by the Federal Government to cushion the effect, the Minister of State for Petroleum Resources, Timipre Sylva, told The Guardian that Nigeria would rely on the initiative of the oil cartel. While the oil cartel would meet in Vienna later this week, Reuters reports that it could agree further oil production cuts even if Russia decides not to join.
In the 2020 Appropriation Act, the Federal Government estimated oil sales to stand at 2.18 million bpd at a price of $57 per barrel, while the exchange rate is expected to remain N305 per dollar. With the current realities, Nigeria may achieve projected production as well as oil price.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
StackPath
Read more »
Premium Times Daily data-react-helmet=trueBreaking news, Investigations, Multimedia, Analysis, Opinion, Business, Sports & more... by Premium Times data-react-helmet=true
Read more »
Premium Times Daily data-react-helmet=trueBreaking news, Investigations, Multimedia, Analysis, Opinion, Business, Sports & more... by Premium Times data-react-helmet=true
Read more »
Bayelsa judgement review: I will speak at the right time - Olanipekun - Daily Post NigeriaA Legal icon, Chief Wole Olanipekun(SAN) has said that he would speak about the judgement review sought at the supreme Court by the All Progressives
Read more »
DSS denies laying siege on Premium Times Editor, staff - Daily Post NigeriaThe Department of State Service, DSS, has refuted the report making the rounds that its operatives are laying siege on Premium Times, an online Newspaper
Read more »
New cases of coronavirus outside China 'nine times higher' - WHO - Premium Times NigeriaThe number of new cases of coronavirus outside China were almost nine times higher than those inside the Asian country over the last 24 hours, the World Health Organisation (WHO) has said.
Read more »