Oil extended its rally on Thursday after OPEC members and Russia agreed to cut production output, a move some analyst believe will rebalance the market if all parties comply.

Yesterday (Wednesday), OPEC agreed to a first output reduction since 2008 after Saudi Arabia accepted a major share of the cut. This is the cartel’s first agreement with non-member Russia in almost 15 years.

If the deal wasn’t reached yesterday, the oil price would have fallen to a $40 per barrel, said Simon Flowers, chief analyst at consultancy Wood Mackenzie.

Brent crude oil traded at $50 after the output cut was announced and reached $54.23 (up by 4.78%) a barrel by 8.20pm (1925GMT).

The deal triggered increase trading volumes for February and March when the output reduction is expected to be visible.

Source: http://oilandnairanews.com/oil-price-hits-16-month-high-54-opec-output-cut/

Good news

It was 60dollars a barrel according to China 24 news, here this evening

Sommori shout aleluia 7times

If you look at it critically, this was a perfect opportunity (for oil producing nations) to access the performance of the pre-planned strategies in cushioning the effect of any fall in oil prices while also giving enough head room to evade out of any recession.

While other oil producing countries seems have passed the test, Nigeria and a few others have failed woefully. So woefully, you begin to wonder if we had any strategy...even if it was a 2 point agenda. We were literally FLUNG head first into disarray. Fingers were pointed, flimsy excuses were given, the economy was at its tipping edge and recession was beginning to make itself at home.

It becomes more depressing to know that Nigeria will not learn from her mistakes (as usual) and simply would return to the default status quo of making Oil the main source of revenue while other sources are left in the default category, "and others".


To look on the bright side, President Buhari has no excuse again. If he could not manage $40 a barrel despite all odds, is it $60 or even $500 a barrel he would manage.

My advice to him, ignore any news concerning rise in oil revenue. The oil revenue should be left to fill depleted reserves with ordering bimonthly auditing of the account.
He should rather concentrate on making the country stand without slippery support of oil. As independent as we think we are, some other country still dictates our country.

He is both the President and Oil Minister, he has power to do such. The NASS should be forced to play ball by any means necessary.

NDA wont allow us enjoy this great opportunity

That's true