The price of crude oil, yesterday, dropped from $50 to $48 in the international market, showing $12 below Nigeria’s $60 per barrel 2019 budget reference price. Specifically, the price of Brent, West Texas Intermediate, WTI and the Organisation of Petroleum Exporting Countries, OPEC, a basket of 15 crudes stood at $48.00, $43.38 and $47.92 per barrel respectively. This means that the government projections, especially total revenue projection and expenditure in the budget may not be realized, should the volatility continue in the market. This came as there are indications that Nigeria’s Egina oil will hit the global oil market in February 2019, according to the loading programme. The loading programme obtained by Vanguard showed that the first cargo of the oil grade will be lifted by stakeholders, including Total, Nigerian National Petroleum Corporation, NNPC, and China National Offshore Oil Corporation, CNOOC. Total spokesman, Mr. Charles Ebereonwu, restated in a […]