Oil prices soar to $58 on global output cut deal

Brent sweet crude futures, the international benchmark for oil prices, soared to 57.89 dollars per barrel in overnight trading between Sunday and Monday, its highest level since July 2015.

U.S. West Texas Intermediate crude futures also hit a July 2015 high of 54.51 dollars a barrel.

With the deal finally signed after a year,the market’s focus will now switch to compliance with the agreement.

ANZ bank said that Saudi Aramco, Saudi Arabia’s state-controlled oil company, had informed customers that their allocations would be reduced in January 2017, in line with the recent OPEC production cut agreement.”

OPEC has said it will slash output by 1.2 million barrels per day from Jan. 1, with top exporter Saudi Arabia cutting around 486,000 bpd in a bid to end overproduction .

Oversupply has dogged markets for over two years and pushed the economies of many oil exporting countries into crisis.

On Saturday, producers from outside the 13- country OPEC group agreed to reduce output by 558,000 bpd, short of the initial target of 600,000 bpd .

Comments

China to invest in Nigeria; Taiwanese office moved to Lagos

China has agreed to invest in Nigeria following a visit from its foreign affairs minister to Nigeria - The country said this was in addition to earlier investments - Nigeria has withdrawn diplomatic relationship with Taiwan and agreed to the One China policy Wang Yi who is the Chinese foreign minister has promised that the country is investing $40 billion as part of the plan to deepen relationship with Nigeria. He made this comment during a press briefing with his Nigerian counterpart, Mr. Geoffrey Onyeama on Wednesday, January 11 adding that this money was in addition to $22 billion projects already invested. READ ALSO: China might refuse to give Nigeria $20bn loan Yi said: “China has already invested or financed a total number of $22billion projects here in Nigeria, another $23billion projects are on-going. In addition, we are also following up another over $40billion of investments, which are in the pipeline.” China to invest in Nigeria; Taiwan...

Prophet says Atiku will defeat PMB in 2019, Biafra will come to pass, makes 50 other prophecies

Prophet Olagunju, who accurately predicted President Muhammadu Buhari victory in the 2015 election, has said the president will be dethroned in 2019 election by former vice president Atiku Abubakar - He says that Igbo’s desire for Biafra nation has received divine approval - The prophet says no amount of peace talk can prevent Nigeria’s disintegration Prophet Wale Olagunju, the presiding Bishop of Divine Seed of God Chapel Ministries in Ibadan, Oyo state, has released his prophecies for 2017. Prophet Olagunju, who accurately predicted President Muhammadu Buhari victory in the 2015 election, has revealed that the Nigerian president will be dethroned in 2019 election by former vice president Atiku Abubakar, His Bath For 13 Years Speaks Prophet says Atiku will defeat PMB in 2019, Biafra will come to pass as he makes 50 other prophecies The man of God, in a 52-point prophecy for the Year 2017 also foretold the possibility of the country splitting into ...

Uchestanley blog

Search This Blog