Energy
Oil price drops amidst Russia, Saudi Arabia postponed meeting
Oil prices dropped on Monday by 3.2% after the Saudis and the Russians postponed a meeting to discuss potential oil production cuts.
As of 9.15 am Nigerian time, Brent crude was down by 3.2%, trading at $33.01 per barrel. U.S. crude was also down by 3%, trading at $27.50 per barrel.
Any output cut deal, at this time, could go a long way in helping to reduce the oil glut that has been witnessed since the Coronavirus pandemic weakened global demands.
Brent Crude had dropped by more than $3 when the Asian trading session opened early Monday morning. However, it regained some grounds based on the optimism that OPEC and Russia were about to reach an output cut deal. Unfortunately, the meeting never held.
OPEC and its allies, a group also known as OPEC+, is now expected to meet on the 9th of April 2020 to discuss oil production cuts.
OPEC+ is currently working on a deal to reduce crude oil production by about 10% of global oil supply, or 10 million barrels per day. OPEC members believe this will be a significant global effort.
-
News5 days agoWidow of late investigative broadcaster Kola Olawuyi dies
-
Crime5 days agoOutrage as NYSC doctor allegedly dies after delay in approving sick leave
-
Latest4 days agoOne killed as ethnic clash erupts in Ibadan following reported overnight stabbing (video)
-
Latest5 days agoLagos arrests 396 beggars in fresh crackdown on street begging (Video)
-
Energy6 days agoGas flaring takes toll on children, residents in Rivers oil-producing communities
-
Aviation4 days agoNIS issues updated guidelines for contactless passport renewal for Nigerians abroad
-
Aviation5 days agoCould you prove that bag is yours? The precautions that could protect you from a travel nightmare
-
Latest6 days agoJonathan rejects political bribery allegation ahead of 2027 elections