The following warnings occurred:
Warning [2] Undefined array key "avatartype" - Line: 783 - File: global.php PHP 8.0.30 (Linux)
File Line Function
/global.php 783 errorHandler->error
/showthread.php 26 require_once
Warning [2] Undefined array key "avatartype" - Line: 783 - File: global.php PHP 8.0.30 (Linux)
File Line Function
/global.php 783 errorHandler->error
/showthread.php 26 require_once
Warning [2] Undefined variable $awaitingusers - Line: 34 - File: global.php(844) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/global.php(844) : eval()'d code 34 errorHandler->error
/global.php 844 eval
/showthread.php 26 require_once
Warning [2] Undefined array key "mybb" - Line: 1952 - File: inc/functions.php PHP 8.0.30 (Linux)
File Line Function
/inc/functions.php 1952 errorHandler->error
/inc/functions_indicators.php 41 my_set_array_cookie
/showthread.php 629 mark_thread_read
Warning [2] Undefined property: MyLanguage::$ratings_update_error - Line: 5 - File: showthread.php(732) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(732) : eval()'d code 5 errorHandler->error
/showthread.php 732 eval
Warning [2] Undefined array key "additionalgroups" - Line: 7162 - File: inc/functions.php PHP 8.0.30 (Linux)
File Line Function
/inc/functions.php 7162 errorHandler->error
/inc/functions_user.php 844 is_member
/inc/functions_post.php 406 purgespammer_show
/showthread.php 1070 build_postbit
Warning [2] Undefined array key "profilefield" - Line: 6 - File: inc/functions_post.php(474) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/inc/functions_post.php(474) : eval()'d code 6 errorHandler->error
/inc/functions_post.php 474 eval
/showthread.php 1070 build_postbit
Warning [2] Undefined array key "showimages" - Line: 741 - File: inc/functions_post.php PHP 8.0.30 (Linux)
File Line Function
/inc/functions_post.php 741 errorHandler->error
/showthread.php 1070 build_postbit
Warning [2] Undefined array key "showvideos" - Line: 746 - File: inc/functions_post.php PHP 8.0.30 (Linux)
File Line Function
/inc/functions_post.php 746 errorHandler->error
/showthread.php 1070 build_postbit
Warning [2] Undefined array key "threadprefix" - Line: 4 - File: showthread.php(1168) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1168) : eval()'d code 4 errorHandler->error
/showthread.php 1168 eval
Warning [2] Undefined array key "threadprefix" - Line: 4 - File: showthread.php(1168) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1168) : eval()'d code 4 errorHandler->error
/showthread.php 1168 eval
Warning [2] Undefined array key "threadprefix" - Line: 4 - File: showthread.php(1168) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1168) : eval()'d code 4 errorHandler->error
/showthread.php 1168 eval
Warning [2] Undefined array key "threadprefix" - Line: 4 - File: showthread.php(1168) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1168) : eval()'d code 4 errorHandler->error
/showthread.php 1168 eval
Warning [2] Undefined array key "threadprefix" - Line: 4 - File: showthread.php(1168) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1168) : eval()'d code 4 errorHandler->error
/showthread.php 1168 eval
Warning [2] Undefined array key "threadprefix" - Line: 4 - File: showthread.php(1168) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1168) : eval()'d code 4 errorHandler->error
/showthread.php 1168 eval
Warning [2] Undefined array key "threadprefix" - Line: 4 - File: showthread.php(1168) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1168) : eval()'d code 4 errorHandler->error
/showthread.php 1168 eval
Warning [2] Undefined array key "threadprefix" - Line: 4 - File: showthread.php(1168) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1168) : eval()'d code 4 errorHandler->error
/showthread.php 1168 eval
Warning [2] Undefined array key "invisible" - Line: 1506 - File: showthread.php PHP 8.0.30 (Linux)
File Line Function
/showthread.php 1506 errorHandler->error
Warning [2] Undefined variable $threadnotesbox - Line: 30 - File: showthread.php(1533) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1533) : eval()'d code 30 errorHandler->error
/showthread.php 1533 eval
Warning [2] Undefined variable $addremovesubscription - Line: 79 - File: showthread.php(1533) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1533) : eval()'d code 79 errorHandler->error
/showthread.php 1533 eval
Warning [2] Undefined variable $forumjump - Line: 86 - File: showthread.php(1533) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1533) : eval()'d code 86 errorHandler->error
/showthread.php 1533 eval




Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
$70 oil price required to sustain budget –FG
#1

[Image: 3705e6ce-45a6-498e-9fd2-0d67c350c2bc.jpg]

5' 






[color=var(--atc)]$70 oil price required to sustain budget –FG


 August 14, 2020






The Minister of State for Petroleum Resources, Timipre Sylva, has said the country needs an oil price of $70 per barrel and a production of two million barrels per day to sustain its budget.
[/color]


Sylva said the production cuts by the Organisation of Petroleum Exporting Countries and its allies had helped to stabilise the oil market, adding that all members of the alliance shared the same commitment to balancing supply and demand.



“You can see very clearly that the market is already starting to show signs of rebalancing; it’s stabilising. We believe that maybe, towards the end of this year, we will see a rebalanced market,” he was quoted by Energy Intelligence on Wednesday as saying in an interview.

The OPEC+ production cuts have helped lift the price of the international oil benchmark, Brent crude, from a low of around $20 per barrel in April. It stood at $44.85 per barrel as of 6:40pm Nigeria time on Thursday.



But the recovery appears to have stalled in the mid-$40s, which remains well below the comfort zone of Nigeria and other producers.
Sylva said, “I must tell you that it is very difficult for the country at this time. We cannot possibly carry on with all our activities.

“The president approved a 25 per cent cut in our budget. That’s 25 per cent of everything that we plan to do for this year, out the window before we even started.”



Asked what level of oil prices would sustain the country’s budget, he said production volumes had to be taken into consideration as well as prices, because low production volumes could be just as harmful as low prices.



“I cannot tell you what price will be optimal for the country. It’s not just the price; it’s also the production. … For me, I would say if we produce two million bpd at $70, that would be optimal for Nigeria,” the minister said.

He said the country would make substantial “catch-up” cuts in its oil production in August and September to compensate for producing above its OPEC+ ceiling in May and June
Reply


Possibly Related Threads...
Thread Author Replies Views Last Post
  Brent crude price slides to $68.86/barrel Edoman 0 872 08-10-2021, 11:42 AM
Last Post: Edoman
  Petrol price’ll rise to N1,000 per litre if… —DPR Edoman 0 966 07-20-2021, 02:25 PM
Last Post: Edoman
  Economic Council Moves To Endorse New Petrol Price, Complete Deregulation Edoman 0 1,077 07-16-2021, 06:12 AM
Last Post: Edoman
  Petrol Market Price Hits N241, Pushes Subsidy To N76 Per Litre Edoman 0 768 04-29-2021, 11:41 AM
Last Post: Edoman
  The price of petrol could have been anywhere between N211 and N234 per litre, N120b Edoman 1 910 03-26-2021, 08:59 AM
Last Post: Edoman
  Fuel marketers raise diesel price to N265 per litre Edoman 0 751 03-23-2021, 02:43 PM
Last Post: Edoman
  Confusion over fuel price: Stakeholders, analysts blame ”dysfunctional” government Edoman 0 706 03-14-2021, 03:07 PM
Last Post: Edoman
  PPPRA sets Guiding Price Of Petrol For March At ₦211.11 Per Litre Edoman 0 692 03-12-2021, 08:08 AM
Last Post: Edoman



Users browsing this thread: 1 Guest(s)