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Global oil rally and Nigeria's price modulation

Published by Vanguard on Sat, 20 Jan 2018


The Organisation of the Petroleum Exporting Countries, OPEC and non-OPEC agreed to cut world supply by 1.8 million barrels of oil per day, bopd in November 2016; with the cuts extended to last through 2018. OPEC's intent was to limit output to 32.5 million bopd to shore up prices. Expectedly many forecasted oil price rallies this year while others are despondent about the alliance and believe that oil price may have a downward slide in 2018. Proponents of a downward price regime believe that the fundamentals favour a reversal.The post Global oil rally and Nigeria's price modulation appeared first on Vanguard News.
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