Topic: Oil price falls to $60 per barrel — below 2026 budget benchmark  (Read 135 times)

0 Members and 1 Guest are viewing this topic.

Oil price falls to $60 per barrel — below 2026 budget benchmark

 Oil prices dropped on Wednesday as the market reacted to
United States President Donald Trump’s announcement that the US had secured a
deal to import up to $2 billion in Venezuelan crude.

 

Brent crude dropped by 0.38 percent to $60.56 a barrel by
17.00 WAT, while US West Texas Intermediate crude fell by 1.17 percent to
$56.46 a barrel.

 

Earlier today, Trump said Venezuela will turn over between
30 million and 50 million barrels of oil to the US.

 

Trump’s announcement followed his declaration that the US
will take over the affairs of Venezuela until a political transition is
achieved — after capturing Venezuelan President Nicolás Maduro and extracting
him to New York.

 

 

According to Reuters, Trump’s announcement would increase
supplies to the US, the world’s largest consumer oil consumer.

 

The current oil price threatens Nigeria’s budget
implementation, as it is lower than the 2026 budget benchmark of $64.85 per
barrel.

 

On December 19, President Bola Tinubu presented the 2026
federal budget of N58.18 trillion, with a “conservative” crude oil benchmark of
$64.85 per barrel.

 

“The 2026–2028 Medium‑Term Expenditure Framework and
Fiscal Strategy Paper sets the parameters for this budget. Our projections are
based on a conservative crude oil benchmark of US$64.85 per barrel; crude oil
production of 1.84 million barrels per day; and an exchange rate of N1,400 to
the US Dollar for the 2026 fiscal year,” he said.

 

The budget carries a deficit of N23.85 trillion,
representing 4.28 percent of gross domestic product (GDP).

Source: Oil price falls to $60 per barrel — below 2026 budget benchmark

 - NigerianEye
Invest in US dollars: https://hashflare.io/r/CF2F6691

 

Related Topics

  Subject / Started by Replies Last post
0 Replies
2126 Views
Last post May 17, 2018, 01:03:18 PM
by sahara
0 Replies
1690 Views
Last post June 20, 2018, 07:06:56 PM
by clowntom
0 Replies
1705 Views
Last post August 13, 2018, 01:03:30 AM
by olutee
0 Replies
1600 Views
Last post October 25, 2018, 01:01:16 PM
by PulseNG
0 Replies
1664 Views
Last post December 20, 2018, 07:14:23 AM
by sahara
0 Replies
2939 Views
Last post December 28, 2018, 01:10:05 PM
by clowntom
0 Replies
1413 Views
Last post June 05, 2020, 07:07:44 AM
by thisday
0 Replies
1791 Views
Last post October 01, 2020, 07:00:28 PM
by PulseNG
0 Replies
846 Views
Last post September 26, 2022, 01:00:53 PM
by olutee
0 Replies
955 Views
Last post January 14, 2025, 01:02:59 AM
by flukky-1