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Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. - Business - Nairaland

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Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by SeverusSnape(m): 7:05am On Mar 18, 2016
…Kachikwu tasks producing nations on cost

Oil prices rose above $40 per barrel yesterday, continuing to gather support after the world’s biggest suppliers firmed up plans to meet to discuss an output freeze. Oil producers, including Gulf Organisation of the Petroleum Exporting Countries (OPEC) members, support talks holding next month on a deal to keep production at current levels. That is even if Iran declines to participate, OPEC sources said on Wednesday.

A meeting would increase the likelihood of the first global supply deal in 15 years. U.S. crude was up 65 cents at $39.11 a barrel, having earlier risen as high as $39.38. Brent crude rose 38 cents to $40.71. “A smaller than expected gain in inventories in the U.S. also supported prices,” ANZ said in a morning note. Crude inventories increased 1.3 million barrels in the week to March 11 to 523.2 million, a much smaller build than the 3.4 million-barrel increase expected by analysts.

The market is also rallying after a less hawkish U.S. monetary outlook, as the U.S. Federal Reserve held interest rates steady and indicated two rate hikes this year instead of the four expected. Qatari oil minister, Mohammed Bin Saleh Al- Sada, said producers from within and outside OPEC will meet in Doha on April 17 to discuss plans for a freeze in output.
The initiative was supported by around 15 OPEC and non-OPEC producers, accounting for about 73 per cent of global oil production, the minister said. Since the freeze was first proposed last month, prices have recovered about 50 per cent from decade-low level. Meanwhile, Nigeria’s Minister of State for Petroleum, Dr. Ibe Kachikwu, has advised oil-producing countries to use the fall in oil price to check cost profile in doing business. Kachikwu gave the advice at the closing ceremony of the 6th African Petroleum Congress and Exhibition, yesterday, in Abuja.

“The industry will still be in challenge in one to two years and I hope that the lesson you take away will help you either as government policymakers or practitioners in the industry, to confront some of the issues. “Amidst all these global chaos, reducing prices, lack of investments, loss of jobs, contracting of most of the servicing companies, postponement of major projects, there are some good safer linings.
“It is a good opportunity for countries to begin to look inwards, check their cost profile,” he said. According to him, during the era of $120 per barrel era, many countries and companies assumed that it would not end and the cost profile was up the bounds.

Kachikwu, who is also the Chairman of African Petroleum Producers Association (APPA), said that stakeholders were framing up the planned meeting of OPEC and non-OPEC countries. He said the meeting would hold on April 17, adding that it would help bring positive change in the industry.
“Hopefully, it will help to bring up the price higher than what it is today. Again, in the last two months, because of the work some of us have done, the prices are beginning to be firm. “We cannot know the predictions now, but there are signs of hope,” he said.
Kachikwu said that presently, countries were looking at the best ways to reposition their companies and countries. He advised African countries to emulate what countries in the Far East and the Gulf were doing right, especially in the area of governance and savings.
The minister added that a lot of intelligence was required, especially now that there was paucity of funds to unbundle challenges in the sector. Kachikwu noted that the coming together of African countries would help open up space for more investors in the sector in the region.


www.newtelegraphonline.com/oil-price-rises-40pb-opec-mend-fences/

4 Likes

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by SeverusSnape(m): 7:09am On Mar 18, 2016
Good news at last. Let it keep rising.

I won't be surprised if zombies attribute this to bubu.

Now APC has NO excuse of "dwindling oil price" as the cause of economic crisis.

40 Likes 1 Share

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by greatiyk4u(m): 7:17am On Mar 18, 2016
This is truly a good news.

8 Likes 1 Share

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by adegunwa4real(m): 7:19am On Mar 18, 2016
Headache loading for some people.... shocked

30 Likes 2 Shares

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by Empress2014(f): 8:37am On Mar 18, 2016
smiley this is a Goodnews but I pray those in power won't see this as an open door for embezzlement.... politicians are thieves, both apc and pdp and the rest

17 Likes

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by Acidosis(m): 8:38am On Mar 18, 2016
lol

Whether it rises to $100/barrel or not, this government doesn't even know what to do with $1000 per drop. They're just dumb.

They've all secured their children's employment for the next 35 years.

while;

The average graduates are expecting cooperative loans from their mom to start trade, pension from dad to open a barber shop so we can diversify the economy grin and grow naija cheesy

64 Likes 4 Shares

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by Naija9090: 8:38am On Mar 18, 2016
LET ME CATCH THE APCIST THAT WILL STILL BLAME THE ECONOMY ON OIL PRICE!

11 Likes 2 Shares

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by kennyman2000(m): 8:39am On Mar 18, 2016
Hmmm
Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by iliyande(m): 8:39am On Mar 18, 2016
Baba is working cheesy cheesy cheesy cheesy

great news

6 Likes

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by babyfaceafrica: 8:39am On Mar 18, 2016
Ipods are sad........

9 Likes

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by Benjom(m): 8:39am On Mar 18, 2016
Good news...

3 Likes 1 Share

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by daniska3yaro(m): 8:40am On Mar 18, 2016
Naso

1 Like

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by Michaellegend(m): 8:40am On Mar 18, 2016
Hope the APC-led government will work now and stop the blame game and excuses.

11 Likes

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by Ijaya123: 8:40am On Mar 18, 2016
The president's foreign trips having effects already.

22 Likes

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by rusher14: 8:40am On Mar 18, 2016
My ideal sustained price would be something like $60 but $40 dollars would do just nicely for now.


4 Likes

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by ollah1: 8:40am On Mar 18, 2016
Good news buh the masses wont feel it
Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by mikeetim(m): 8:41am On Mar 18, 2016
Good news

1 Like

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by OgeniBravo: 8:41am On Mar 18, 2016
Alhamdulilah

2 Likes 1 Share

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by zuby4real10(m): 8:41am On Mar 18, 2016
is now that that i have started seeing the benefits of buhari visiting OPEC countries. This man really get sense. God bless PMB. God bless Nigeria. God bless all nairalanders.

25 Likes 2 Shares

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by Nobody: 8:41am On Mar 18, 2016
Do not rejoice.

Infact, I am hoping that oil would go down to $10 dollars per barrel so that we can finally go the way of serious nations and industrialize...producing goods for export whose prices we can control.

Sorry....but this is BAD news for me. We can no longer remain oil dependent. The experiences of the last 18 months should have taught us that lesson.

13 Likes 1 Share

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by crispberry(f): 8:42am On Mar 18, 2016
Good
Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by gurunlocker: 8:42am On Mar 18, 2016
even if oil price reach $70, APC go still complain and blame.

7 Likes

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by politricks: 8:42am On Mar 18, 2016
Naija9090:
LET ME CATCH THE APCIST THAT WILL STILL BLAME THE ECONOMY ON OIL PRICE!
How much is 40 dollars compared to the over 100 dollars during the IB regime without diversification. Let it reach 100 and see changes.

7 Likes

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by suyamasta(m): 8:43am On Mar 18, 2016
Yeeaaahh but i hope we have seen its a must to diversify not speaking alone but lets Do itttttttttt!

2 Likes

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by Viktor1983(m): 8:43am On Mar 18, 2016
Acidosis:
lol

Whether it rises to $100/barrel or not, this government doesn't even know what to do with $1000 per drop. They're just dumb.

They've all secured their children's employment for the next 35 years.

4 Likes

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by Timoleon(m): 8:44am On Mar 18, 2016
As good as the news might seem, as a country, we should redirect our focus, crude oil alone cannot sustain this country, we should diversify this economy now! having deposits of crude oil should be an added advantage not our alpha and omega.

2 Likes

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by Bawizzie(m): 8:44am On Mar 18, 2016
Baba keep on travelling, e de finally yield result!

3 Likes

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by Nobody: 8:44am On Mar 18, 2016
ollah1:
Good news buh the masses wont feel it

For everyone to feel it...oil would have to rise up to $123 per barrel and above.
Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by Smooyis(m): 8:45am On Mar 18, 2016
I wish the prices never rose since it was a blessing in disguise
Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by franciskaine(m): 8:45am On Mar 18, 2016
God is actually answering prayers. I really want the price of crude oil to bounce back so as to give a perfect assessment of both APC and PDP and know whether my vote for PMB was worth it.

4 Likes

Re: Oil Price Rises Above $40 Per Barrel, OPEC mend Fences. by goodlifehyd(m): 8:45am On Mar 18, 2016
While PMB was visiting the OPEC countries some wailers were calling him names, but here they trying to paint the whole scenario another color.... una go get heart attack before PMB finish hin tenure

12 Likes 2 Shares

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