• Latest
  • Trending
Oil prices hit two-year high as OPEC+ agrees to continue production cuts

Oil prices hit two-year high as OPEC+ agrees to continue production cuts

1 year ago
Group drums support for Tinubu, vows to ensure his emergence as  president

Group drums support for Tinubu, vows to ensure his emergence as president

10 hours ago
Pandora papers: Ex-governor reacts, says I didn’t violate any law

Peter Obi accuses opposition of spreading fake news, misinformation

11 hours ago
We’ve not reopened schools, FG tells Nigerians

Strike: What’s stalling negotiation with ASUU- FG

12 hours ago
Nigerian artists with most monthly listeners on Spotify

Nigerian artists with most monthly listeners on Spotify

13 hours ago
Osun 2022: Excuse our son from governorship election- Adeleke family

Osun: Court strikes out suit seeking to void Adeleke’s nomination as PDP governorship candidate

14 hours ago
BESDA: Oyo  moves non-formal learners to formal schools

BESDA: Oyo moves non-formal learners to formal schools

15 hours ago
Again, Lagos govt bans motorcycle operations in four LGs, six LCDAs

Again, Lagos govt bans motorcycle operations in four LGs, six LCDAs

16 hours ago
Strike: Why we are disappointed over Keyamo’s comments-ASUU

How Federal Government imposed, encouraged strike to linger- ASUU

16 hours ago
Nigerian singer, Asake shows off new mansion

Nigerian singer, Asake shows off new mansion

17 hours ago
Police recover 20 corpses from Edo shrine, arrest three

Police recover 20 corpses from Edo shrine, arrest three

19 hours ago
U-20 WWC: Falconets face Netherlands in quarter final

U-20 WWC: Falconets face Netherlands in quarter final

19 hours ago
Again, FG bans Emirates airline from Nigeria

Emirates Airlines suspends flights to Nigeria over trapped revenue

20 hours ago
FG explains delay in meeting 5,000MW power target

FG explains delay in meeting 5,000MW power target

20 hours ago
Amosun rejected reconciliation moves with Abiodun, Ogun   APC replies senator

Amosun rejected reconciliation moves with Abiodun, Ogun APC replies senator

21 hours ago
Nigerians to pay more for electricity from April- NERC

JUST IN: Electricity workers suspend strike after minister’s intervention

1 day ago
Tinubu meets Obasanjo over presidential bid

Why I visited Ogun- Tinubu

1 day ago
Ogun PDP guber ticket: I’ll fight  to the end- Showunmi

Ogun PDP guber ticket: I’ll fight to the end- Showunmi

1 day ago
Anxiety in Kwankwaso’s NNPP as Shekarau mulls exit

Kwankwaso: Why NNPP couldn’t fulfill all agreement with Shekarau

1 day ago
  • Contact Us
  • Advertise
Friday, August 19, 2022
Newspeakonline
  • Home
  • Politics
  • Business
  • Entertainment
  • Technology
  • World
    • Africa
    • Americas
    • Asia
    • Europe
  • Opinion
  • Interview
  • Newspeak ExclusivesNew
No Result
View All Result
  • Home
  • Politics
  • Business
  • Entertainment
  • Technology
  • World
    • Africa
    • Americas
    • Asia
    • Europe
  • Opinion
  • Interview
  • Newspeak ExclusivesNew
No Result
View All Result
Newspeak
UBA
Home Business

Oil prices hit two-year high as OPEC+ agrees to continue production cuts

Akinwande Soji-Ojo by Akinwande Soji-Ojo
June 2, 2021
in Business
Reading Time: 2 mins read
245 10
0
Oil prices hit two-year high as OPEC+ agrees to continue production cuts
Share on FacebookShare on TwitterShare on WhatsAppShare on Telegram

Oil prices surged to the highest level in more than two years on Tuesday, as the world’s biggest crude oil producers agreed on a gradual easing of production cuts.

RelatedPosts

JUST IN: OPEC Secretary-General, Muhammad Barkindo dies at 63

IPMAN: Why we can’t continue to sell petrol at N165

Multichoice increases prices of DStv, GOtv packages

Brent crude futures, an international oil benchmark which Nigeria trade, hit $71.11 a barrel, up by 2% on Tuesday, while West Texas Intermediate oil futures stood at $68.59 after the meeting.

This is the first time since April 2019 that the oil price will trade above $70 per barrel.

Rising from its virtual meeting, on Tuesday, OPEC and its oil-producing allies, known as OPEC+, agreed to continue to boost output in July, in line with the group’s April decision to return 2.1 million barrels per day to the market between May and July.

Abdulaziz bin Salman, Saudi Arabia Energy Minister, expressed optimism over a good recovery in demand in the United States and China.

The group are expected to meet again in July to discuss production policy.

Oil prices have been on a tear since late last year as coronavirus vaccines and supply curbs from OPEC and its allies spur hopes that global stockpiles will continue to slide.

It, however, still faces bumpy short-term demand amid concern that new virus variants will lead to more lockdowns, while vaccine rollouts are slower than expected in some countries.

The resurgence in the price of crude oil bodes well for the Nigerian economy, as this will boost the country’s revenue needed for the implementation of the 2021 budget, improve crude oil receipts, and consequently bolster foreign exchange inflows.

However, the prolonged high crude prices will ultimately feed into a climb in petrol’s landing cost — meaning an increase in fuel price.

What's Your Reaction?

  • LolLol
    0
    Lol
  • OMGOMG
    0
    OMG
  • AngryAngry
    0
    Angry
  • LoveLove
    0
    Love
  • CuteCute
    0
    Cute
  • WinWin
    0
    Win
  • CryCry
    0
    Cry

Related

Tags: Crude OilOPECPrice
Previous Post

Passport booklets application remain suspended till June 8, says Immigration

Next Post

Will Nigeria ever get politics and governance right? By Tunji Olaopa

RecentPosts

Again, FG bans Emirates airline from Nigeria

Emirates Airlines suspends flights to Nigeria over trapped revenue

August 18, 2022
How BEDC lost N750m in one month– MD

How BEDC lost N750m in one month– MD

August 16, 2022
Buhari names Dangote Chairman National End Malaria Council

Buhari names Dangote Chairman National End Malaria Council

August 16, 2022
2020 Budget: List of items exempted from VAT 

Food prices drive Nigeria’s inflation rate to 19.64%, highest in 18 years

August 15, 2022
JUST IN: CBN reinstates Adeduntan as First Bank MD/CEO

First Bank commemorates 2022 international youth day, dedicates week to celebrating youth

August 12, 2022
Air Peace suspends flights to South Africa over delayed visa for Nigerians, others

Air Peace suspends flights to South Africa over delayed visa for Nigerians, others

August 9, 2022
JUST IN: CBN reinstates Adeduntan as First Bank MD/CEO

Our branch, head office not sealed- First Bank

August 5, 2022
Firstmonie Agents  process over 1 billion transactions, reinforces First Bank’s leading role in promoting financial inclusion

Firstmonie Agents process over 1 billion transactions, reinforces First Bank’s leading role in promoting financial inclusion

August 4, 2022
Next Post
Will Nigeria ever get politics and governance right? By Tunji Olaopa

Will Nigeria ever get politics and governance right? By Tunji Olaopa

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Newspeakonline

© 2020 Newspeak & Associates
Optimized by IChannelTech.

Navigate Site

  • Breaking News
  • Business
  • Entertainment
  • Interview
  • Newpeak Magazine
  • Newspeak Exclusives
  • Politics

Follow Us

No Result
View All Result
  • Home
  • Latest News
  • Politics
  • Business
  • Entertainment
  • Technology
  • World
  • Opinion
  • Interview
  • Newspeak Exclusives

© 2020 Newspeak & Associates
Optimized by IChannelTech.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Newspeak We would like to show you notifications for the latest news and updates.
Dismiss
Allow Notifications