Nigeria’s deregulated oil industry is still being impacted by high oil prices and other underlying issues.
By Omotayo Olutekunbi
Oil prices surged on Tuesday, May 17, 2022, as the European Union continued to advocate for a ban on Russian oil imports.
Brent crude rose 1.04 percent to $115.29 a barrel, reaching its highest level since March 28, 2022. Also, The West Texas Intermediate (WTI) crude oil price rose 0.36 percent to 114.6 per barrel.
On Monday, May 16th, 2022, EU foreign ministers failed to persuade Hungary to sign up to a proposed Russian oil embargo.
Jeffrey Halley, analyst at brokerage OANDA, said: “Oil prices have remained near multi-week highs this week, supported by surging gasoline and distillate prices in the U.S., and fears around an EU ban on Russian oil imports remaining in play”.
Tina Teng, an analyst at CMC Markets, believes that “intensifying geopolitical tension” between the EU and Russia may boost prices further, even as Sweden and Finland pursue membership in NATO.
Nigeria’s deregulated oil industry is still being impacted by high oil prices and other underlying issues.
The Airline Operators of Nigeria (AON) said yesterday that planned flight operations will be disrupted due to an increasing scarcity of aviation fuel known as Jet-Al.
According to the organisation, aviation shortage has a detrimental influence on the smooth running of air transport operations, resulting in flight rescheduling and/or cancellations.
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