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Good News For Nigeria As Oil Prices Hit $57

Good News For Nigeria As Oil Prices Hit $57

Opec and non-Opec members including Russian Federation met in Vienna last week to discuss their deal to cut production by about 1.8m barrels per day (bpd), which runs to the end of March 2018.

Brent for November settlement gained 72 cents to $57.58 a barrel on the London-based ICE Futures Europe exchange at 12:16 p.m. local time.

-Still, prices of Nymex and Brent are hovering near their best levels in months, on optimism that the production cap deal has caused some oversupplied markets to start showing signs of tightening.

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Essam al-Marzouq, Kuwait's oil minister and chair of the meeting of the Join Ministerial Monitoring Committee, said output curbs had helped cut global crude inventories to their five-year average, according to Reuters, which was Opec's stated target. A gathering in Vienna last week between OPEC and its allies ended with no decision on an extension or deepening of the cuts beyond the first quarter of 2018, while the potential revival of US shale production is also weighing on the outlook for prices.

WTI crude saw a rise of 1.5% last week, while Brent ended about 2.2% higher for the week. Crude prices were on course for a rise of almost 16 per cent this quarter which would make this year's performance the strongest for the third quarter since 2004.

The U.S. Energy Department said that, as of Sunday afternoon, three refineries in the Gulf Coast region were still shut down and 10 were operating at reduce rates because of Harvey.

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OPEC and its allies have been considering extending the deal beyond the end of March when it is due to expire. "The moment we close the tap, then it's done", he said in a speech at a forum in Istanbul.

It is good news for the Nigerian economy as the price of crude oil stood at $54.59 per barrel. "Changes are really related to Libya and Nigeria and the 100 percent compliance of everyone", Bijan Zanganeh, Iran 's oil minister, told journalists on Friday.

"OPEC's compliance has been acceptable overall". That was higher than the 3.5-3.9 million barrels estimated by analysts but still smaller than weekly builds of up to 8 million barrels seen in the first two quarters.

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