With the declining United States crude oil inventories, the price of oil thursday hit $74 per barrel, its highest in nearly four years as Saudi Arabia moved to push for a price rise of $80 -$100 per barrel.

Reuters reported that Brent crude futures reached $74.74 per barrel yesterday, the highest since November 27, 2014 while U.S. West Texas Intermediate (WTI) crude futures were up 53 cents at $69.00. WTI had earlier hit $69.56, its highest since November 28, 2014.


It was exactly on November 27, 2013 that the Organisation of Petroleum Exporting Countries (OPEC) decided to pump as much as it could to defend market share, an action that sent the price of oil to a low of $27 per barrel in February 2016.

With the drop in oil price to an all-time low, OPEC and other major producers including Russia started to withhold output in 2017 to rein in oversupply that had depressed prices since 2014.

The production-cutting pact between the OPEC, Russia and other producers has given strong tailwind to oil prices.
OPEC’s main objective for the cuts is to eliminate a global surplus in oil stocks and rebalance the market.

OPEC, together with Russia and a group of other producers, last November extended an output-cutting deal to cover all of 2018.
The current deal, under which OPEC and non-OPEC producers are cutting supply by about 1.8 million barrels per day, expires in March 2018.

OPEC and its partners will meet in Jeddah, Saudi Arabia, on April 20, 2018. The cartel will then meet on June 22, 2018 to review its oil production policy.

Reuters reported on Wednesday that top oil exporter Saudi Arabia would be happy for crude to reach $80 or even $100 a barrel, which was viewed as a sign that Riyadh will not seek changes to the supply pact.

Since the start of the supply cuts, crude inventories have declined gradually from record highs towards long-term average levels.
In the U.S., the Energy Information Administration (EIA) said on Wednesday that commercial crude stocks fell close to the five-year average of about 420 million barrels.

Also supporting prices is the possibility that the U.S might re-impose sanctions on Iran, OPEC’s third-largest producer, which could result in further supply reductions from the Middle East.

But some analysts saw limits to the bull market. After falling from an all-time high of $147 per barrel in July 2008, Brent crude price had hit a peak of $115 per barrel in June 2014 before the excess inventory in the oil market forced the price down to $27 per barrel in February 2016.

WTI also reached a peak of $105 per barrel in June 2014 before the sharp drop in oil prices.

http://www.akelicious.net/2018/04/crude-oil-price-rises-to-74-highest-in.html

Barely 8 months to the end of this regime, crude oil is gradually bouncing back. Even the price of crude oil is against this government!

dancing

Hope those in charge make a very good use of it.

Hope bubu will now make #1 equal to $1

How does it benefit the Lazy Nigerian Youths?



https://www.nairaland.com/4461495/super-samsung-s9-bundle-sales

Buhari will still complain

I pray it rises to 100 dollars per litre so I'd know which excuse APC will come up with next for being a colossal failure.

Where's our resident zombie Sarrki, though? Still breathing

Good development

Nigeria played a huge part in stabilizing global oil prices, OPEC Secretary General Mohammad Barkindo and Emmanuel Ibe Kachikwu, the Minister of State, Petroleum Resources are some of the key players during OPEC and non-OPEC negotiation that reduced global oil glut.

When it was 140$ per barrel...we did nothing. Lazy leaders leading lazy youths.

And with the rise in oil price Bubu still could not achieve anything. I wonder what he will use as campaign strategy. Down the south here it's surely finished for him. Many elites will never vote for sympathy or ineffectiveness. The cow rearing pigs up north are the major problem of this country. They could hardly differentiate between left and right and that is why Bubu will always be their god. How on earth could a sane person root for 75year old pig that knows nothing than chewing goro. Down south we shall try our best to remove him, may God bless us

BUT HE NO SHOW FOR COMMON MAN BODY

Even if it rises to $200, Buhari will still complain that he has no money, PDP stole all the money bla bla bla

More money for the politician

What's the point.They'll still loot us dry

wether e increase lazy bubu and his lazy administration go still remain lazy

ok, I'm a youth I am not lazy.

lazy youth oyel moni don dey rise

Expecting Buhari to still complain and whine


It was over hundred dollars under pdp government...

Buhari right now....

We have crude oil in our backyard still we are living in'except politicians' penury.

the Nigerian youth will now have more welfare package to enjoy.

Still bad news with the crazy idiot buhharri in aso rock. Sorrow master

More money for polithievians and Legislooters

GavelSlam:
Good and long may it continue.

Are you counting on Niger delta oil money in your desert jigawa..... Well done
No go feed your cows

good enough money for all those lazy Nigerian youths Buhari was talking about. Asari Dokumbo , Tompolo Government, Avenger youths and other lazy youths will b very happy with this news. All they do is wake up take alcohol, do cult ,sleep with girls n check their accounts

comshots:
We have crude oil in our backyard still we are living in'except politicians' penury.

Lazy Nigerian youth.