Oil prices hit highest level since July 2015 on re-balancing optimism

Indigenous oil and gas companies are coming of age – Meka Olowola

Indigenous oil and gas companies are coming of age – Meka Olowola

"Erdogan's speech is a reason driving prices higher as the market worries there could be supply disruptions and that's getting priced in", said Michael Poulsen, an analyst at Global Risk Management Ltd. "OPEC's comments are also supportive". Many tried to laugh off the cuts and said that there was no-way that the agreement would hold. "This is not the time to take our foot off the accelerator".

An associate professor of the Graduate School of Corporate Management of RANEPA, Ivan Kapitonov, speaking to Vestnik Kavkaza, noted that Brent oil prices are unlikely to exceed $60 per barrel. The growth in USA production has been the biggest impediment to oil prices this year and any slowdown on that front could provide a good lift to prices in the medium term.

Its Managing Director, Mr. Yusuf Matashi, who set this targets in Benin, said the planned increase in production was due to ongoing transformation in the firm.

The so-called OPEC+ agreement spares Nigeria from the need to reduce its crude production.

On Friday, the Organisation of the Petroleum Exporting Countries and other producers will meet in Vienna to discuss the progress of their deal to limit output.

Nigeria has been given another extension in respect of oil production output ceiling, thereby raising hope of her recovering fully from the economic recession she just marginally exited recently.

China supports peaceful resolution to North Korea issue: Foreign Ministry
Wang said the BRICS countries should carry forward with such an approach and fabricate a network of partners that is open, stable and plural.

Trafigura, one of the world's top commodity trading houses, now expects global demand to outstrip demand by 2 million to 4 million barrels per day (bpd) by the end of 2019 as a sharp drop in investments in recent years leads to a decline in output. High compliance with its production cuts mean Opec has played its part in reducing the global supply glut.

OPEC (Organisation of the Petroleum Exporting Countries) and Russian Federation are cutting output deeper than ever, demand is surprisingly strong and the threat of Middle East disruption looms again. With production now at 1.7 mb/d, he argued that Nigeria, in reality, is actually complying with the accord, since it is still below that level.

OPEC economists said the Nigerian economy is gaining momentum.

He added that if a meeting is needed for the cartel to decide whether to extend the cuts, "we'll arrange it". Additionally, they also reduced short positions for a third straight week through September 19.

Goldman Sachs agreed, suggesting in a research note that it would be in OPEC's interest not to telegraph its intentions too early. Harvey forced almost 25% of United States refining capacity to be closed, along with half a dozen ports and pipelines, according to Reuters, which cut off access to crude, leaving supply untouched, and lowering prices.

The committee can make policy recommendations for the wider group of OPEC and non-OPEC producers, which meets in November.

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