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Business Crude Oil Hits $64/ Barrel As Buhari Proposes $45 In 2018 Budget


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Crude oil prices rose more than 3 per cent on Monday, hitting 30 months high, just as President Muhammadu Buhari is set to present 2018 budget estimates to the National Assembly with a proposal of $45 per barrel of oil next year.

The sharp rise in oil price came as Saudi Arabia’s crown prince cemented his power over the weekend with an anti-corruption crackdown, while the U.S. rig count fell and markets continued to tighten.

Brent crude futures LCOc1 were trading above $2 or 3 percent higher at $64.16 a barrel by 2:35 p.m. GMT, data from Bloomberg shown.

U.S. West Texas Intermediate (WTI) crude CLc1 also rose to $57.22 a barrel.

Both benchmarks are at their highest since early May 2015.

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The Federal Executive Council, FEC, had in August approved the 2018-2020 Medium Term Expenditure Framework, MTEF and the Fiscal Strategy Paper, FSP.

The Minister of Budget and National Planning, Udoma Udoma, in Abuja that the highlights of the MTEF showed government’s commitment to achieving seven per cent growth in the economy by 2020, in accordance with the National Economic Recovery and Growth Plan, NERGP.

The government is expecting the crude oil production capacity would make about 1.8 million barrels per day (regularly crude production), and 500,000 barrels per day of condensates, with the price projected at an average $45 per barrel next year.

On the exchange rate of the Naira, the minister said the rate would be about N305 to the dollar, as indicated by the Central Bank of Nigeria, CBN.
 
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