Africa Oil and Gas 

Crude oil closes high, Nigeria to comply with output cut

Petroleum rates finished with a weekly gain of about 10% on Friday, as the sudden drop in U.S. production output of petroleum, together with OPEC output cuts, provides hope that the oil glut in the market will reduce significantly. International standard, Brent crude closed at $42.20 for a 9.5% weekly gain, after it opened on Monday at $38.80 a barrel. West Texas Intermediate (WTI) likewise completed the week on an excellent note, as it closed at $39.98 a barrel with an 11% weekly boost, after starting the week at $36.03…

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Africa Covid19 Oil and Gas 

Nigeria: 2020 Budget – Senate Pegs Oil Price Benchmark At $28 Per Barrel

The Senate on Tuesday put the benchmark price for crude oil in the 2020 budget at $28 per barrel. The Senate also reduced the targeted daily oil production from 1.94 million as initially proposed to 1.8 million barrels per day. The red chamber also passed the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) projections, upon which the revised 2020 budget would be based. These approvals were made after the chairman, Senate finance committee, Solomon Olamilekan (APC, Lagos), presented a report on the revised medium-term expenditure framework and…

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Africa Oil and Gas 

Marketers identify challenges in FG’s petrol price review Business

Again promises given by the Federal Government to properly consult marketers of Premium Motor Spirit (PMS) otherwise called petrol before arriving at the monthly price review of the product, some marketers yesterday told The Guardian that the government only consulted with them once since the new price regime started in March this year. The Federal Government in a letter dated 31st of May reduced pump price of petrol within the price range of N121.50 and N123.50, a move the marketers described as reportedly taken without due consultation with most of…

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Africa African Business News Covid19 Financial Services 

Post-COVID-19: World Bank says Nigeria, others must end fuel subsidy

The existing low crude oil prices present a chance for commodities-dependent economies like Nigeria to examine their energy pricing policies as they eagerly anticipate the post-COVIC-19 pandemic period, the World Bank has actually said. The Bank stated in a report released on Wednesday that energy-importing developing countries need to move far from costly aid plans and allocate their minimal financial resources to improving public health and education. The report, entitled, “Including Fuel to the Fire: Low-cost Oil throughout the Pandemic”, was released ahead of the release of the World Bank…

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