Oil prices shot up over four per cent to their highest level since 2015 early on Monday after OPEC and other producers over the weekend in Vienna reached first output cut deal since 2001 .
They jointly reduced output in order to rein in oversupply and prop up the market.
Brent sweet crude futures, the international benchmark for oil prices, soared to 57.89 dollars per barrel in overnight trading between Sunday and Monday, its highest level since July 2015.
U.S. West Texas Intermediate crude futures also hit a July 2015 high of 54.51 dollars a barrel.
With the deal finally signed after a year,the market’s focus will now switch to compliance with the agreement.
ANZ bank said that Saudi Aramco, Saudi Arabia’s state-controlled oil company, had informed customers that their allocations would be reduced in January 2017, in line with the recent OPEC production cut agreement.”
OPEC has said it will slash output by 1.2 million barrels per day from Jan. 1, with top exporter Saudi Arabia cutting around 486,000 bpd in a bid to end overproduction .
Oversupply has dogged markets for over two years and pushed the economies of many oil exporting countries into crisis.
On Saturday, producers from outside the 13- country OPEC group agreed to reduce output by 558,000 bpd, short of the initial target of 600,000 bpd .



http://punchng.com/oil-prices-soar-58-global-output-cut-deal/

Not a good news for celebration. It will only benefit thieves

Some good news at last.

But to be honest sha,

---

buhari is working #yeye

Oil price wey no fit defy gravity for two days, abeg very soon the price go come down again.

Are we still talking about oil? Nigeria isn't serious yet until we have a manufacturing economy.

Buhari will surely stabilize Oil price

This will soon expose the obvious incompetence of some people that have been hiding under low oil price

We'll get there.

Finally Lagos can now export their two litre of oil

But the current Government will complain and blame the previous Government even if it gets to $200 a barrel.



Atiku 2019

Hmmm we are watching

Good news for Nigerians. At least Buhari will not have an excuse any more.


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Rilwayne001:
We'll get there.

We are there already buy the slowpoke is driving on reverse mode

Oga Buhari, oya start working...

Good news for us Absolutely,
We moving forward to $70/barrel as Russia has also promised to cur supply in the next two weeks and hopefully Dollar Rate will trickle down to 240 From Next year.. I am sure about it

Lemme pull off my glasses to observe how Buhari's Gullible Zombies here will Blame GEJ over the current Recession Ravaging our Country .


Atiku2019

Good days arecoming back.

With Bubu, it wont be straling as usual.

Reserve increasing, now this, better days are coming.

so I hope no more excuses from now

and please fix the exchange rate

Let them sell for 1000dpb

Buhari can't tink to use it well

thanks to trump's election.


Wailers arent smilling with dis news

Temporary?

Anything that will make buhari n co,stop complaining n work,is welcome

Good news! There's also a forecast that prices will average $55 in 2017. FG shud change tactics in the Niger Delta. The military incursion is not going to work. We need to be producing at optimal capacity to benefit from the price stability.

Good

Very Good.


We need to improve our current output.

However, someone need to padlock Buhary's mouth before he mis-yarn again and the boys start bombing.

5% + 97%.