Oil prices have risen for the third consecutive week, reaching their highest levels since November, as China’s economic recovery boosted demand for the commodity. However, Nigeria, Africa’s largest oil producer, continues to struggle with production challenges and fiscal woes.
According to data released on Friday, China’s industrial output and retail sales grew faster than expected in August, indicating that the world’s second-largest economy was stabilising after a slowdown caused by the coronavirus outbreak]. China’s oil refinery processing also hit a record high of 15.23 million barrels per day (bpd) in August, up 19.6% from a year earlier, as refiners capitalised on strong margins and robust domestic and regional demand.
The positive data from China, which is the world’s largest oil importer, supported oil prices, which have also been lifted by supply concerns due to output cuts by major producers Russia and Saudi Arabia. Brent crude futures rose 0.7% to $94.32 per barrel, while US West Texas Intermediate crude (WTI) was up 0.8% at $90.87 per barrel. Both benchmarks were up about 4% from a week ago.
Opec+, which includes members of the Organization of the Petroleum Exporting Countries (Opec) and allies such as Russia, agreed in July to ease production cuts by 400,000 bpd each month from August until December. The group expects the global oil market to be in deficit throughout the fourth quarter.
However, not all oil producers are benefiting from the rising prices and demand. Nigeria, which has the largest proven oil reserves in Africa, has been unable to meet its Opec quota for more than two years due to technical issues, pipeline vandalism, theft and sabotage. The country’s oil output fell to 1.4 million bpd in August, well below its Opec quota of 1.8 million bpd.
Nigeria’s oil woes have also contributed to its fiscal and foreign exchange crises, as the country relies heavily on oil revenues for its budget and imports. The country’s debt servicing burden has increased significantly in recent years, wiping out nearly all of its public earnings. The government has also devalued its currency several times to cope with the shortage of dollars.
Nigeria’s Presidents have always pledged to diversify the economy away from oil dependence and boost domestic production of goods and services. However, analysts say that more reforms are needed to improve the business environment, attract investment and create jobs.
Despite the challenges, some experts are optimistic that Nigeria can overcome its oil dependency and achieve sustainable growth. “Nigeria has enormous potential in other sectors such as agriculture, manufacturing and services. The country also has a large and young population that can drive innovation and entrepreneurship,” said Dr Ngozi Okonjo-Iweala, the director-general of the World Trade Organization and a former Nigerian finance minister.
37 comments
Sweet blog! I found it while searching on Yahoo News. Do you have any tips on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Thanks
I was recommended this website by way of my cousin. I’m no longer positive whether this put up is written by means of him as no one else recognize such distinct about my difficulty. You’re amazing! Thank you!
I would prefer to thank you for the efforts you have put in writing this website. I’m hoping the identical high-grade site publish from you within the upcoming at the same time. Really your creative writing skills has encouraged me to get my own web-site now. Really the blogging is spreading its wings rapidly. Your create up is an excellent example of it.
As soon as I found this web site I went on reddit to share some of the love with them.
I wanted to send a word to say thanks to you for those nice tips you are sharing at this site. My considerable internet look up has finally been recognized with brilliant content to share with my friends. I ‘d believe that many of us website visitors actually are undoubtedly blessed to be in a very good website with so many lovely professionals with interesting techniques. I feel pretty blessed to have encountered your entire webpages and look forward to tons of more enjoyable minutes reading here. Thanks again for everything.
I am typically to blogging and i truly appreciate your articles. This content has truly peaks my interest. My goal is to bookmark your website and maintain checking achievable information.
I’m curious to find out what blog system you happen to be utilizing? I’m experiencing some minor security problems with my latest site and I’d like to find something more secure. Do you have any solutions?
Hiya! I just want to give a huge thumbs up for the great data you have got right here on this post. I might be coming again to your weblog for more soon.
As he grew older, he accompanied his father on several missions, including trips to England.
Males had a median income of $26,473 versus $20,666 for females.
A brand new website Humber Premier Soccer has been set as much as cowl our rivals Grimsby City but also their League neighbours, Scunthorpe United and Hull Metropolis.
This is a topic that’s close to my heart… Take care! Exactly where can I find the contact details for questions?
I really appreciate this post. I’ve been looking everywhere for this! Thank goodness I found it on Google. You’ve made my day! Thx again.
I’d should seek advice from you here. Which isn’t something I do! I love to reading an article that will get people to believe. Also, thank you allowing me to comment!
Rattling clean site, thankyou for this post.
I’m amazed, I have to admit. Seldom do I come across a blog that’s both educative and amusing, and let me tell you, you’ve hit the nail on the head. The problem is an issue that too few people are speaking intelligently about. Now i’m very happy that I found this during my hunt for something concerning this.
I really like gathering useful info, this post has got me even more info!
When I originally commented I clicked the -Notify me when new surveys are added- checkbox and now each time a comment is added I recieve four emails with the same comment. Can there be that is you’ll be able to eliminate me from that service? Thanks!
very good post, i definitely really like this excellent website, continue it
The points you make in this content are very clear, interesting and informative. I agree with several points here. Please continue these articles as they are very engaging. Great job!
considerations that come with travelling abroad. Some sort of medical crisis can before long become costly and that’s absolute to quickly impose a
Perhaps this is a bit off topic but in any case, I have been surfing about your blog and it looks really neat. impassioned about your writing. I am creating a new site and hard-pressed to make it appear great, and supply excellent articles. I have discovered a lot on your site and I watch forward to additional updates and will be back.
Ensure recreation issue escalates as players become more accustomed to your interface and extra familiar along with your world.
I blog frequently and I really appreciate your information. The article has truly peaked my interest. I will book mark your site and keep checking for new details about once per week. I opted in for your RSS feed too.
Howdy! I could have sworn I’ve been to this web site before but after browsing through many of the articles I realized it’s new to me. Regardless, I’m certainly delighted I came across it and I’ll be book-marking it and checking back often!
Youre so cool! I dont suppose Ive read anything similar to this prior to. So nice to discover somebody with original ideas on this subject. realy we appreciate you beginning this up. this fabulous website can be something that is needed on the internet, someone with a bit of originality. helpful work for bringing new stuff on the world wide web!
Bashore, Cody. “Studying to love running, NAU’s Peter Lomong makes a name for himself”.
Hersey: “Ida F Hersey.-Her residence, Wilbur, WA.
I’m impressed, I have to admit. Seldom do I encounter a blog that’s both equally educative and interesting, and let me tell you, you’ve hit the nail on the head. The issue is something that not enough people are speaking intelligently about. I’m very happy I came across this during my search for something concerning this.
À quoi bon ne pas mentionner les vérités expliquées la semaine dernieres par le parti francais? Au minimum on serait capable de argumenter avec les véritables valeurs?
– Gulvafslibning | Kurt Gulvmand Fantastic goods from you, man. I’ve understand your stuff previous to and you’re just extremely magnificent. I really like what you have acquired here, really like what you’re stating and the way in which you say it. You make it entertaining and you still take care of to keep it smart. I cant wait to read far more – Gulvafslibning | Kurt Gulvmand again from you. Thanks For Share .
Hmm that was weird, my comment got eaten. Anyway I wished to say that it is really nice to know that another person else also described this as I had problems acquiring the similar data elsewhere. This was the first location that advised me the remedy. Many thanks.
The match befell in Astana, Kazakhstan, from 9 April to 30 April 2023, and was a best of 14 video games, plus tiebreaks.
Hi, I do think this is an excellent blog. I stumbledupon it 😉 I may return once again since i have book-marked it. Money and freedom is the greatest way to change, may you be rich and continue to guide other people.
Great job, I just stumbled your site and wanted to say that I’ve truly enjoyed browsing your blog posts. I will subscribe to your feed and I hope you write again very soon!
An impressive share, I recently with all this onto a colleague who was simply doing little analysis for this. And hubby actually bought me breakfast since I found it for him.. smile. So let me reword that: Thnx for your treat! But yeah Thnkx for spending the time to talk about this, I find myself strongly about this and adore reading much more about this topic. Whenever possible, as you become expertise, might you mind updating your blog site with additional details? It is highly great for me. Massive thumb up just for this article!
I’ve recently started a web site, the information you offer on this site has helped me greatly. Thanks for all of your time & work.