Government’s revenues will slip $182 below target
Lower oil output and weaker global energy prices pushed the Federal Government’s revenues dip by ₦182 billion or 32 percent below target in the first quarter. For full story, click here
Articles Tagged "Revenues"
SCI has planned to purchase 4 large Crude Oil Carriers stuck in slowdown slick
With the international shipping industry facing rough weather, Shipping Corporation of India, the country’s leading shipping firm by fleet size and revenues, has shelved its plan to purchase four very large crude carriers worth $320 million. For full story, click here
Crude oil headed for $71.55 a barrel
Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Benchmark:South of US$60
It is obvious that a barrel price below $60 on the NYMEX is bad news for oil companies. Part of the drop reflects a strengthening American dollar, but recent demand forecast revisions are bleak. Governments, companies and investors think a prolonged recession or period of low growth is in the offing, and everyone should take note.
Benchmark: Things fall apart?
Along with OPEC production cuts and healthy company numbers, (both discussed below) the market is clearly disjointed. The tenor of discussions in the business pages and networks lately suggests that Yeats was right, and the centre cannot hold. Recession or recovery, echo boom or bust, few are predicting prolonged instability somewhere between these extremes.
Indian Govt. may impose cap on revenues of oil companies
The government of India may impose a cap on the revenues of oil producing companies like ONGC, OIL, Reliance Industries and Cairn. For full news, click here
Benchmark: August 7
After four weeks of refreshing slippage, NYMEX oil futures began to edge upward into the $120 per barrel range. It appears the rise was largely predicated on two factors.
