Nigerian crude oil moves past $80 a barrel, highest level since mid 2024

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DinoOmoAle

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Feb 28, 2023
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Nigerian crude oil prices surpassed the $80 per barrel mark following American and Israeli airstrikes on Iran, which rekindled fears about the oil market.

The latest prices exceeded the FG 2026 budget benchmark of $64.85 per barrel.

Higher prices boost the Nigerian government revenue, even though the West African economy production has been below its OPEC’s quota

Crude oil accounts for most of Nigeria’s foreign exchange earnings and a large part of government revenue, despite making up only 3–5 percent of the country’s GDP.

Crude oil market shows high volatility ​

Brent Crude surged on Wednesday to $83 per barrel, the highest level since mid-2024, with a monthly increase of about 24%. The US and Israel attacked Iran, escalating tensions in the Middle East.
 
How one just wished this gain on the surge of crude oil price will really translate to economy easiness for the æcommon man in Nigeria
 
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