Oil price fall is temporary, says Saudi minister

Recent falls in the price of oil are likely to be temporary, says the oil minister for Saudi Arabia, Opec's biggest producing nation

Ali al-Naimi said commodity price fluctuations were to be expected and said he was hopeful for the future.

He added it was "difficult, or even impossible, for Saudi Arabia or Opec to undertake any measure that would lead to a reduction in [their] share of the market and an increase in of others".

The price of oil has halved since June.

On Thursday, the price of Brent crude was just below $63 a barrel, while US crude was near $58.

Oil prices, which were

FG slashes oil price assumption by 11 per cent to $65 per barrel

The Federal Government has slashed the oil price assumed in its 2015 budget by 11 percent to $65 a barrel from $73, in light of lower world oil prices, a Finance Ministry spokeswoman said on Thursday.

It was the second time in a month the benchmark has been cut, after initially being lowered from $78 a barrel.

Other oil exporting countries including Russia and Mexico have said they expect oil prices to be lower next year than assumed in their budgets, which may be revised.

The spokeswoman gave no further details but said Finance Minister Ngozi Okonjo-Iweala was working on a statement. No time was given for when the statement would be issued.

Nigeria depends on oil for around

Falling oil price: FG to commence comprehensive import substitution

The Federal Government is set to commence comprehensive implementation of import substitution programme to enhance local production of goods and services.

This is following the plummeting oil prices that has dwindled the country’s oil revenue.

This was disclosed by President Goodluck Jonathan while speaking at the Top 100 Businesses Award Dinner held at the Banquet Hall of the Presidential Villa, Abuja, on Monday.

In an obviously bold move to

Drop in Oil Price May Hamper Loans Repayment in Banking Sector

The continuous slide in the price of crude oil, which has led to lower revenues to Nigeria, may also result in strains in the credit repayment ability of upstream oil companies, a report has stated.

The situation may also lead to delay in payments to contractors as well as a possible cancellation or delay of contracts or planned projects in the country.

Renaissance Capital, a financial advisory and investment company stated this in

Oil price: Opec members split over output cuts

Saudi Arabia has indicated it will not push for output cuts to help push up oil prices, as Opec oil producers prepare for their meeting on Thursday.

The oil market will "stabilise itself eventually", said Saudi Oil Minister Ali al-Naimi.

Saudi Arabia is the largest producer of the 12 members of the Organization of the Petroleum Exporting Countries (Opec).

The oil cartel is split over how to react to the sharp slump in oil prices.

The price of Brent crude has plunged 30% since June, triggered by a sharp rise in US shale oil output and weakening global demand.

There is speculation that