Crude oil prices thursday hit their highest since December 2014 after the United States crude oil inventories posted a 10th straight week of declines and as the dollar continues to weaken.

International benchmark Brent futures settled at $71.12, above the three-year high of $70.37 reached on January 15, 2018.
US West Texas Intermediate (WTI) crude oil futures climbed to 66.22 dollars per barrel in early trading, also the highest level since early December 2014.


WTI first reached its highest since December 2014 on January 16 at $64.89.

Healthy world economic growth prospects and expectations for continued production curbs by the Organisation of Petroleum Exporting Countries (OPEC), Russia and their allies have continued to boost oil prices.

The International Monetary Fund (IMF) last Monday revised upward its forecast for world economic growth, which could help demand the for petroleum products.

This is coming as OPEC, Russia and other producers continue their supply-cut agreement which began in January 2017 and is due to run until the end of 2018.

OPEC’s main objective for the cuts is to eliminate a global surplus in oil stocks and rebalance the market.
There is some expectation that OPEC will let the agreement expire at the end of 2018, but major producers have not yet suggested that this is in the offing.

The sharp plunge in Venezuelan production is offsetting increases from the United States, which is on the cusp of breaking its all-time production record of 10.04 million barrels per day.

Venezuela’s output fell to a meagre two million bpd in 2017, far short of expectations for 2.5 million bpd, and the International Energy Agency said it could keep declining in 2018.

In foreign exchange markets, the US dollar hit its lowest level since December 2014 against a basket of other leading currencies.
A weakening dollar often results in financial traders taking investment out of currency markets and into commodity futures like crude oil.

Oil traders had said the prices were unlikely to fall far due to risks to supply disruptions.
In Nigeria, the militant group Niger Delta Avengers (NDA) had threatened to launch attacks on the country’s oil sector in the next few days.

The militant group had warned the Nigerian Government to brace up for another round of attacks that it would soon unleash on oil and gas facilities in the country.

The group had also stated that with the recent killings across the country, the time was ripe for the restructuring of the country.
Reuters quoted analysts as saying that rising oil prices would likely start to have an inflationary effect.

Looming over the generally bullish oil market has been US oil production, which is edging ever more closely towards 10 million barrels per day (bpd), hitting 9.88 million bpd last week.

US output has grown by more than 17 per cent since mid-2016, and is now on par with that of top exporter Saudi Arabia.
Only Russia produces more, averaging 10.98 million bpd in 2017.

Meanwhille, the Nigerian Petroleum Development Company (NPDC), one of the upstream subsidiaries of the Nigerian National Petroleum Corporation (NNPC), has said it will increase its daily crude oil production to 500,000 barrels per day (bd) before 2022, from the 200,000bd it currently produces.

The Group Managing Director of the NNPC, Dr. Maikanti Baru, disclosed this new crude oil production target of the NPDC when he inaugurated its board of directors in Abuja.

According to a statement from the Group General Manager, Public Affairs of the NNPC, Mr. Ndu Ughamadu, yesterday Baru, who is the chairman of the board, however charged its officers to grow the company’s assets and ensure that the 500,000bd oil production target is met by 2022.

He disclosed that the company was currently supplying 50 per cent of the gas needed by the West African Gas Pipeline, adding that it was necessary for it to have more gas assets.

He said the NPDC’s Memorandum of Understanding (MOUs) with host communities should be tied to the availability of the gas lines, saying: “As stakeholders, they share in both our success and losses as well.”

The statement also quoted the Managing Director of NPDC, Mr. Yusuf Matashi, to have said at the inauguration that from the growth the company had witnessed since 2016, the 500,000bd target would be realised by 2022.

Matashi said the board came at an appropriate time, adding that it would address issues of processes and procedures necessary to drive a major oil company like the NPDC, while assuring it of the commitment of the company to the growth target.

The statement said the NPDC currently produces about 200,000bd of oil and would according to its work programme, increase it to 300,000bd in 2018.

http://www.akelicious.com/2018/01/crude-oil-jumps-as-brent-tops-71-on.html[color=#006600][/color]

waow

A responsible Nigeria govt would latch on this excellently if only there are refineries working ...

let me call Oga Osibade on update on the modular refineries

We won't feel it in this part of the world

Buhari is working his way to daura

Good development

Not such a good news cos it appears the higher it goes the poorer we become.

Price has been upwards for some time now... Buhari won't still perform

Performance is a taboo for Buhari even with all the money in this world.

Buhari is just not the man for this country.

Fuel prices just increased in California today no be small. Cheapest fuel in Los Angeles tonight is $3.05/gallon in ARCO. I just bought for $3.45 in Chevron now, I was so mad.

Where are those making excuses for low oil price , he don go up now o, someone should tell Mr Buhari before they tell us another story that stinks.

Good news turned sour from the effects of maladministration

Even if the price reach 500 dollars, our politicians will triple Der siphoning of funds, the government will tell u that they are broke, and we will be back to square one. That's the cycle of corruption in Nigeria.

Our benchmark based on our budget was USD45, this difference should be expunged to ECA,

This is also bad news for us because the higher they purchase crude, the higher they sell to us refined crude thereby shooting up the landing cost.

Niger deltans aren't feeling this God giving resource

I will stable oil price in the international market......Buhari


Once promise fulfilled

Shame on Nigeria. We fail to improve virtually on everything. Even the crude oil that is the number 1 source of income.
Imagine if Russia is producing 10.09million bpd and we are still struggling to produce 200,000 bpd. Shame!

Weve not had any good leader as far as am concern

I wonder what APC will use as excuse again when oil reach $100

Nice one ,our local price is in shambles

Crude prices needs to stop increasing!!! It will leave this administration with minus one excuse for their failure.

My question is this. Will the Imbecilic accept that money is flowing in or will he continue to blame Jonathan

Some people wee come and say the money never still reach Jonah own.

Hmmmn......we dont even know if we should be glad or sad about this.



Because, it means the landing cost of petroleum products will be higher and pump will automatically skyrockected.

akelicious:
Crude oil prices thursday hit their highest since December 2014 after the United States crude oil inventories posted a 10th straight week of declines and as the dollar continues to weaken.

International benchmark Brent futures settled at $71.12, above the three-year high of $70.37 reached on January 15, 2018.
US West Texas Intermediate (WTI) crude oil futures climbed to 66.22 dollars per barrel in early trading, also the highest level since early December 2014.


WTI first reached its highest since December 2014 on January 16 at $64.89.

Healthy world economic growth prospects and expectations for continued production curbs by the Organisation of Petroleum Exporting Countries (OPEC), Russia and their allies have continued to boost oil prices.

The International Monetary Fund (IMF) last Monday revised upward its forecast for world economic growth, which could help demand the for petroleum products.

This is coming as OPEC, Russia and other producers continue their supply-cut agreement which began in January 2017 and is due to run until the end of 2018.

OPEC’s main objective for the cuts is to eliminate a global surplus in oil stocks and rebalance the market.
There is some expectation that OPEC will let the agreement expire at the end of 2018, but major producers have not yet suggested that this is in the offing.

The sharp plunge in Venezuelan production is offsetting increases from the United States, which is on the cusp of breaking its all-time production record of 10.04 million barrels per day.

Venezuela’s output fell to a meagre two million bpd in 2017, far short of expectations for 2.5 million bpd, and the International Energy Agency said it could keep declining in 2018.

In foreign exchange markets, the US dollar hit its lowest level since December 2014 against a basket of other leading currencies.
A weakening dollar often results in financial traders taking investment out of currency markets and into commodity futures like crude oil.

Oil traders had said the prices were unlikely to fall far due to risks to supply disruptions.
In Nigeria, the militant group Niger Delta Avengers (NDA) had threatened to launch attacks on the country’s oil sector in the next few days.

The militant group had warned the Nigerian Government to brace up for another round of attacks that it would soon unleash on oil and gas facilities in the country.

The group had also stated that with the recent killings across the country, the time was ripe for the restructuring of the country.
Reuters quoted analysts as saying that rising oil prices would likely start to have an inflationary effect.

Looming over the generally bullish oil market has been US oil production, which is edging ever more closely towards 10 million barrels per day (bpd), hitting 9.88 million bpd last week.

US output has grown by more than 17 per cent since mid-2016, and is now on par with that of top exporter Saudi Arabia.
Only Russia produces more, averaging 10.98 million bpd in 2017.

Meanwhille, the Nigerian Petroleum Development Company (NPDC), one of the upstream subsidiaries of the Nigerian National Petroleum Corporation (NNPC), has said it will increase its daily crude oil production to 500,000 barrels per day (bd) before 2022, from the 200,000bd it currently produces.

The Group Managing Director of the NNPC, Dr. Maikanti Baru, disclosed this new crude oil production target of the NPDC when he inaugurated its board of directors in Abuja.

According to a statement from the Group General Manager, Public Affairs of the NNPC, Mr. Ndu Ughamadu, yesterday Baru, who is the chairman of the board, however charged its officers to grow the company’s assets and ensure that the 500,000bd oil production target is met by 2022.

He disclosed that the company was currently supplying 50 per cent of the gas needed by the West African Gas Pipeline, adding that it was necessary for it to have more gas assets.

He said the NPDC’s Memorandum of Understanding (MOUs) with host communities should be tied to the availability of the gas lines, saying: “As stakeholders, they share in both our success and losses as well.”

The statement also quoted the Managing Director of NPDC, Mr. Yusuf Matashi, to have said at the inauguration that from the growth the company had witnessed since 2016, the 500,000bd target would be realised by 2022.

Matashi said the board came at an appropriate time, adding that it would address issues of processes and procedures necessary to drive a major oil company like the NPDC, while assuring it of the commitment of the company to the growth target.

The statement said the NPDC currently produces about 200,000bd of oil and would according to its work programme, increase it to 300,000bd in 2018.

http://www.akelicious.com/2018/01/crude-oil-jumps-as-brent-tops-71-on.html[color=#006600][/color]

Baba n daura have to perform this time becoz he is looking for 2019.!

The only effect here will be increased in pump price. Naija prepare to start buying fuel for 200 naira per litre.

This is good for Nigerian economy to leverage on.

Please we need competent hands to manage this upsurge

princemillla:
Shame on Nigeria. We fail to improve virtually on everything. Even the crude oil that is the number 1 source of income.
Imagine if Russia is producing 10.09million bpd and we are still struggling to produce 200,000million bpd. Shame!

Weve not had any good leader as far as am concern

Bro 200,000million? You abuse leaders when you're obviously a terrible follower

God please heal my country naija

Johnrake69:
Not such a good news cos it appears the higher it goes the poorer we become.

If Nigeria has intelligent technocrats as ministers and governors.

princemillla:
Shame on Nigeria. We fail to improve virtually on everything. Even the crude oil that is the number 1 source of income.
Imagine if Russia is producing 10.09million bpd and we are still struggling to produce 200,000million bpd. Shame!

Weve not had any good leader as far as am concern