US government data still shows crude inventories at record levels
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Both benchmarks on Wednesday hit their highest levels since March 8
Earlier, oil prices had dropped due to a surging dollar, which weighed on greenback-denominated commodities
BP’s Spencer Dale said in Brussels he could not predict what the Organisation of Petroleum Export Countries and other major producers would do, although promised freezes had come from nations unlikely to increase output
“There is no fundamental justification whatsoever to think that the current downtrend is changing,” said PVM Oil Associates analyst, Tamas Varga
Yet, as the experience of other countries in like circumstances have shown, Nigeria – most especially the States, can take some steps to boost public revenues and their local economies through means other than the dwindling allocations from oil royalties and the occasional federal bailout.
OPEC projected in its latest monthly market report on Monday in Vienna that non-OPEC countries would supply 57.1 million barrels per day of oil on average this year, some 400,000 bpd less than predicted in January
Dokubo-Asari, who addressed the press in Abuja in reaction to Bugaje’s comment, also said called on security operatives to invite Bugaje to explain his statement
The Head of Press and External Relations of PTDF, Kalu Otisi, who disclosed this in Abuja on Monday, said the polytechnic was one of the special projects being implemented by the agency in the Niger Delta
US air strikes on Syria now look unlikely after a deal to remove Syria’s chemical weapons, although the US, Britain and France have warned President Bashar al-Assad of consequences if he fails to comply
According to the former vice president, the over-reliance on oil revenues has virtually destroyed the initiatives by the state governments to double efforts towards improving their internally generated revenue sources