Tag: crude prices
Global crude production cut has been tapered to 7.7 million barrel per day this August putting an end to the historic 9.7 million barrels per day supply cut which expired on July 31st. Crude prices have remained under pressure on fears of new COVID-19 cases. Kola Karim, Chairman of Shoreline Group joins CNBC Africa for a focus on the global oil market.
The World Bank says it expects Nigeria’s oil sector to shrink by 10.6 per cent this year. This comes as the Group Managing Director of the Nigeria National Petroleum Corporation, Mele Kyari says Nigeria has brought down its oil production to 1.412 million barrels per day in compliance with the supply cut agreed on by oil producer club, OPEC and its allies. Abiodun Adesanya, CEO of DegeConek joins CNBC Africa more.
Capital imported to Nigeria’s oil and gas sector in the first quarter of the year was about 10.1 million dollars according to data by the National Burea of Statistics. The bureau also says the oil and gas sector grew by 5.06 per cent, recording an average oil daily production of 2.07 million barrels per day in the same quarter. Oyeyemi Oke, Oil and Gas Lawyer and a Partner at A02 Law joins CNBC Africa for more.
As Nigeria sets up a committee to review the oil benchmark for the 2020 budget, Senior Economist at the private-sector-led think tank, Nigeria Economic Summit Group says the recent drop in crude prices if sustained has a possibility of leading Nigeria into an economic recession by 2021. Wilson Erumebor, Economist at the Nigerian Economic Summit Group joins CNBC Africa me for more.
Nigeria, Africa's biggest economy and an OPEC member which relies on crude sales for about 70 percent of national income, has been hit hard by the fall in global crude prices since mid-2014.