"The oil market has gone from nearing storage saturation to being in deficit much earlier than we expected", said Goldman Sachs analysts Monday, adding that they expect the price of USA benchmark oil to be around $50 per barrel in the second half of 2016.

Helped by strong demand and sharp declines in production, the oil market has shifted from "nearing storage saturation to being in deficit much earlier than we expected", wrote a team of analysts led by Damien Courvalin and Jeffrey Currie at Goldman Sachs, in a note to clients dated Sunday.

"Nigeria's oil output has fallen to a 20-year low of 1.4 million barrels per day after militants disabled several oil facilities in the Niger Delta", wrote John Ashbourne, an Africa economist at Capital Economics.

The oil industry is also keeping an eye on Venezuela, where economic and political turmoil is threatening crude production.

Prices eased from the highs after Libyan factions agreed in principle to have one oil organization, potentially bringing higher output a step closer. The bank expects global oil demand to grow by 1.4 million barrels a day in 2016, versus 1.2 million predicted earlier.

"In the second half of the year, oil is likely to hold between $45 to $50 a barrel", he told AFP. Wildfires in Canada came to within a kilometer of an Enbridge Inc. oil-sands terminal as warm weather and wind spread the flames.

I'm using Iran here only as metaphor to warn of the possibility of ignorant "Nigerians" being used by unscrupulous outside forces to boost global oil prices. The middle east Nations capable of funding terrorists like Bokoharam are equally capable of funding terrorist to hit our oil production. Also the reason i mentioned Iran is because i warned of something like this before the so-called Militants began disrupting Nigerian oil. I warned of this during the Nigeria Army Shiite Muslim crack down up North.



Just a thought:

After demanding the release of Kanu and Dasuki perhaps it will be too obvious or too soon to demand the release of sheikh ibrahim el-zakzaky

In summary, more militants sponsors are on the way...