L
LequteMan
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Nigeria- Following the meeting between OPEC members yesterday, global oil prices took a plunge, falling below Nigeria's benchmark for the year 2015, which puts the nation's economy under threat. The CBN recently devalued the Naira, more desperate measures are expected to keep the nation's economy under control. Punch reports:
Efforts by Nigeria and four other members of the Organisation of Petroleum Exporting Countries to see a reduction in oil production to revive falling oil prices proved abortive on Thursday as the 12-member cartel decided to maintain production quotas.
No sooner had word gone out that OPEC at the end of its meeting in Vienna decided not to cut production than oil prices slumped to a five-year low.
Both Brent and West Texas Intermediate crude prices fell heavily after the meeting with Brent dropping below $72 per barrel and WTI falling to $68 for the first time since 2010.
The Brent crude price, against which the Nigeria oil is priced, has fallen below the country’s 2014 budget benchmark of $77.5 per barrel, putting further pressure on oil revenue and threatening accretion to the Excess Crude Account.
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#Nigeria #Oil
Efforts by Nigeria and four other members of the Organisation of Petroleum Exporting Countries to see a reduction in oil production to revive falling oil prices proved abortive on Thursday as the 12-member cartel decided to maintain production quotas.
No sooner had word gone out that OPEC at the end of its meeting in Vienna decided not to cut production than oil prices slumped to a five-year low.
Both Brent and West Texas Intermediate crude prices fell heavily after the meeting with Brent dropping below $72 per barrel and WTI falling to $68 for the first time since 2010.
The Brent crude price, against which the Nigeria oil is priced, has fallen below the country’s 2014 budget benchmark of $77.5 per barrel, putting further pressure on oil revenue and threatening accretion to the Excess Crude Account.
click here to read more
#Nigeria #Oil
