Oil prices continue to trade in a very narrow bandwidth with ICE Brent still hovering around the $83 per barrel mark, with traders anticipating potentially impactful US economy data coming in later this week – first the US personal consumption expenditures readings, followed up by European inflation figures and Chinese PMI developments reflecting the Chinese Lunar New Year.
Prices for North Sea and West African crude grades have increased this month.
The Red Sea shipping crisis and OPEC+ output cuts have tightened oil markets.
U.S. benchmark oil prices are also supported by higher demand for American crude in Europe due to the Red Sea disruption to flows.
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Nigeria, Africa’s largest oil producer, is the second most expensive place globally to extract crude oil, BusinessDay has reported.
Oil prices fell on Monday, extending losses on market views that higher than expected inflation could delay cuts to high interest rates that have been capping growth in global fuel demand.
Crude oil futures rose Wednesday as Federal Reserve officials indicated that interest rates have likely reached their peak
The Producer Price Inflation (PPI) rate for January 2024 stood at 17.4%, higher than the 16.6% recorded in December 2023.
Benchmark Energy II, which is majority owned by Acacia Research, has agreed to acquire certain upstream assets and related facilities in Texas and Oklahoma, US, from an undisclosed private seller.
Total revenue for the fourth quarter of 2023 was €25.027bn ($26.96bn), a decrease from €31.81bn in Q4 2022.
This is however lower than the $696.815 million secured in the same period of 2022.
No reasons have yet been attributed to the drop in proceeds.
Meanwhile, the sad development comes particularly at a time when the government is in dire need of funds to shore up its domestic revenue in the wake of the closure of the international capital markets to the country.