Nigeria’s foreign exchange (FX) earnings and revenue from crude oil may decline as oil prices crashed yesterday to $76 per barrel.
. Oil price crashes amid US, China spat . Nigeria launches new grade of crude, begins export to Spain Nigeria’s foreign exchange earnings and revenue from crude oil may decline as oil prices crashed yesterday to $76 per barrel. Nigeria’s grades of crude, especially Brass River and Qua Iboe, which was trading at about…. Nigeria launches new grade of crude, begins export to Spain
While Nigeria still imports the bulk of its petroleum products with current differences between the actual price and the pegged pump hovering above $5 trillion, according to the country’s Finance Ministry, the tension within the Middle East, given the ongoing Israel and Gaza and its extension across the region has been projected to negatively impact the global oil price.
Some analysts had projected that the conflict remained the only ground that has helped oil prices to stabilise at the current price despite the many cuts introduced by the Organisation of Petroleum Exporting Countries and its allies. The current production of the grade stands at 28,000 barrels per day, with the potential to increase to 50,000 barrels per day. The new crude has a sulphur content of 0.0655 per cent, the state oil firm said in a release signed by its spokesman, Olufemi Soneye.
Palpable fear has gripped stakeholders in livestock industry following the outbreak of cow disease – haemorrhagic septicaemia, which has killed over 2,000 herds within few days. Currently, stakeholders in the cattle business are entertaining fears that this development is capable of aggravating the current economic woes in the country, considering the threat posed by this…
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