Oil Price Rise For Third Day

Yemisi Izuora

 

Oil prices rose for a third day on expectations that major producers are likely to enact deeper output cuts to offset the slump in demand caused by the coronavirus outbreak in China, the world’s second-largest crude consumer.

 

Brent crude rose 17 cents, or 0.3 per cent, to $55.96 per barrel while the U.S. West Texas Intermediate (WTI) rose 29 cents, or 0.6 per cent, to $51.46 a barrel.

 

The Organization of Petroleum Exporting Countries, OPEC, and its allies including Russia, known as OPEC+, recommended last week an additional output cut of 600,000 barrels per day (bpd) to its current 1.7 million bpd reduction to offset the disease-related demand losses.

Senate And NNPC

The Senate has said all Nigerian National Petroleum Corporation (NNPC) transactions should be completely overhauled to enhance transparency and accountability and ultimately block all leakages in the system.

 

It explained that the development stemmed from mounting concerns over increasing leakages and declining revenues from the nation’s revenue-generating agencies.Senate also demanded that credible auditing of all payments made by the NNPC, particularly with regard to subsidies, be carried out.

 

source The Guardian 03 February 2020

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