Home Business Local, foreign oil firms gain N3.6 trillion in price recovery
Local, foreign oil firms gain N3.6 trillion in price recovery
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Local, foreign oil firms gain N3.6 trillion in price recovery

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Five local and International Oil Companies (IOCs) operating in Nigeria witnessed a record-breaking profit of over $10 billion (N3.6 trillion) during the first quarter of 2017.

This significant performance has been attributed to the improvement in the prices of crude oil, which increased to less than $30 in 2014 and 2016.
Brent crude oil stood at $51.73 yesterday while West Texas Intermediate (WTI) was $49.33.

Global oil prices have fallen sharply over the past three years, leading to significant revenue shortfalls in many energy-exporting nations such as Nigeria.

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