Macroeconomic Report & Economic Updates

February 21, 2018

Nigeria Economic Update (Issue 8)

Global benchmark crude, Brent, sold for $66.43 per barrel, a little above 3.4 percent from the $64. 3 per barrel in the preceding week. Nigeria’s Bonny light exchanged for $65.71 per barrel. Global Crude supply levels have been constrained by a dip in Libya’s production, following the shutdown of the El Feel oilfield in Libya, which […]

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Global benchmark crude, Brent, sold for $66.43 per barrel, a little above 3.4 percent from the $64. 3 per barrel in the preceding week. Nigeria’s Bonny light exchanged for $65.71 per barrel. Global Crude supply levels have been constrained by a dip in Libya’s production, following the shutdown of the El Feel oilfield in Libya, which produces 70,000 bpd. This is complemented by the continued compliance by OPEC member countries to curb production levels, thus rebalancing the global crude oil market and gradually driving prices upwards.

 




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Nigeria Economic Update (Issue 48)

Crude oil price decreased in the review week. OPEC weekly basket price reduced by 3.5 percent to $42.06per barrel from November 4, 2016 to November 11, 2016, while Nigerias bonny light price decreased by 1.1 percent to $44.36per barrel in the same period. Global oil market refocused on oversupply, as indicated in the OPECs October crude data figures (global OPEC and Non-OPEC oil supply grew by 0.97mb/day to average 96.32mb/day and outpaced demand by 1.92mb/day).