@ www.Akelicious.com
Oil prices in the international market sustained their rally on Tuesday, with the Brent crude, the international benchmark for crude oil, trading at $65.24 a barrel, while U.S. West Texas Intermediate (WTI) crude futures traded at 58.21 dollars a barrel
The last time oil prices exceeded the $65-mark was in June 2015 when it traded at $65.49.

Reuters reported that Brent crude oil prices jumped above $65 per barrel after the closure of the Forties North Sea pipeline knocked out significant supplies from a market that was already tightening due to OPEC-led production cuts.


Britain’s Forties oil pipeline, the country’s largest at a capacity of 450,000 barrels per day (bpd), was shut down on Monday after cracks were revealed.
Its operators said that the pipeline could be shut down for weeks as they pursue repairs, adding that a hairline crack was discovered last week.

“It is a supply concern not only because the pipeline transports a significant portion of North Sea crude oil output, but also because it may take weeks before the issue is resolved,” Abhishek Kumar, Senior Energy Analyst at Interfax Energy’s Global Gas Analytics, told Reuters.
Also, market analysts who weighed in on the development said there was equally an oil price support from the consumer side.

“Demand growth across the commodity complex is extremely robust. And inventories across the complex have been declining sharply,” said US bank Goldman Sachs, in a note to clients.
“The market reaction shows that in a tight market, any supply issue will quickly be reflected in higher prices,” added ANZ bank.
The jump in Brent prices widened its premium to WTI prices, making U.S. oil exports more attractive.
OPEC and its allies started withholding supplies last January and currently plan to continue doing so throughout 2018.

However, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has expressed fears that a continuing rise in prices of oil could incentivise U.S. shale oil producers to ramp up production and perhaps derail the production cuts agreements reached by OPEC and its non-OPEC allies.
Kachikwu said the recent meeting of the group in Vienna last month, where the decision was taken to extend the production cuts till the end of 2018, that he feared shale oil producers could ramp up production even though the price rise was good for Nigeria to fund its 2018 budget.
http://www.akelicious.com/2017/12/oil-prices-hit-65-on-north-sea-pipeline.html

The big O is back!!

..

let it shoot to 150 dollars per barrel

And before dropping to $65 in June 2015, one leader is already borrowing to pay salary.

Even if it hits $165 Buhari has no clue on how to improve our Economy

.

Atiku2019:
Even if it hits $165 Buhari has no clue on how to improve our Economy

At all at all

princeade86:
let it shoot to 150 dollars per barrel

Wicked Buhari will only increase petrol pump price if that happens.

Atiku2019:
Even if it hits $165 Buhari has no clue on how to improve our Economy

Never had!
Now doesn't have!!
Never will have!!!


[img]http://4.bp..com/-hxkbcMA-Gds/Vi_jnwVSIoI/AAAAAAAHG5I/0h9m6kBQqpE/s400/10.jpg[/img]


www.nairaland.com/attachments/2095210_worst_jpeg588f192a23aa02a7b350a8bbe5d18306

Realdeals:
And before dropping to $65 in June 2015, one leader is already borrowing to pay salary.

Are you talking about Engr. Aregberascal aka Baba Hafusa of Osun state


[img]http://1.bp..com/-phyaGgNy0Sk/U-DIUmiwLaI/AAAAAAABNqA/Oi4ky_esKd4/s1600/osun4.png[/img]


www.nairaland.com/attachments/2885358_img20150922174134_jpeg0fdff65c2baa2dc29d70b69a4da476f6

princeade86:
let it shoot to 150 dollars per barrel

Not to worry, barawo bubu already promised that.

Collynzo9:
Among all the clueless diatribe he spewed in his interview with Channels TV, this one caught my attention most.

Channels Presenter: How do you intend to manage the economy in the face of dwindling oil price.

Buhari: first we will stabilize the oil market and run an accountable govt.

www.nairaland.com/attachments/2186280_buhari2blaugh1_jpegc35d9ea4e30142f9302718e17f58f220

This is really good news for Nigeria but hopefully that doesn't stop the drive to diversify the economy.

Agriculture is still the way to go if we want to join the leagues of truly rich and developed nations.

Buhari sef

Good news...BUHARI no get excuse say he no get money to perform o

Once you close or stop anything North, things will begin to work well.

Good one for Nigeria..
Register your own Limited Liability Company for just 85k for 5 working days and be your own boss.. Testimonies from fellow Nairalanders on my signature trend..

North Sea is a Continental shelf between the UK(Scotland) and Norway.

Good news for Nigerian politicians money go flow well well for them.

Hmmm...it's becoming clear PDP will win 2019...because only dem have the goodluck for oil price increase

I hope Nigeria's economy can now finally revive itself..thats if the proceeds is not siphoned as usual.

Abeg jare..jst see below

Atiku2019:
Even if it hits $165 Buhari has no clue on how to improve our Economy

true,, but he knows how to increase our external reserve with it....... Smh for naysayers

This is good news anyway but I wish diz could increase more like GEJ time.

Atiku2019:
Even if it hits $165 Buhari has no clue on how to improve our Economy

At less than $50/barrel, he was able to make savings of $7b(foreign reserves from 28b to 35b).


Is dat not how d average man is supposed to grow rich? Make savings, even in poverty!



What stops him from saving more, now d price is higher?!

With d little he's spending, they're still looting

Make e save joor, na we no go allow pdp in any guise loot am

Glad to see some people appreciating Buhari's Effort

Atiku2019:
Even if it hits $165 Buhari has no clue on how to improve our Economy

but he was able to sought out d national embarrasment left behind by ur looting party. Ur party left 27 states unable to pay salaries even with their best economic team, it took PMB kind heart to sought out dat mess.

Thank you God for giving us Sai baba, we Nigerians are grateful

Sai baba till 2023

ashjay001:




At less than $50/barrel, he was able to make a savings of $7b(foreign reserves from 28b to 35b).


Is dont not how d average man is supposed to grow rich? Make savings, even in poverty!



What stops him from saving more, now d price is higher?!

Saving and keeping the masses hungry and not being able to account for certain funds?

Good news for Abuja, Buhari and his corrupt cabinet, it means more billions to their bank account, more houses abroad, more shopping in London & Dubai as well as posh cars for girlfriends but for the long suffering masses, your name is sorry if you think that this would have any possitive impact on you!

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Atiku2019:
Even if it hits $165 Buhari has no clue on how to improve our Economy

@140$ our broda was busy drinking ogogoro,left external reserve at 22b$ ,no east west road,no 2nd niger bridge, no enugu -onitsha exp way, no enugu -ph exp way,for 5 solid years der was absolutely nofin dat favoured the ordinary man of se/ss,except for the greedy looters he appointed frm the zones,i dnt blame anybody if we re marginalized, wen ur der do for ur pple,if u dnt do for u pple and sumone gets der and do for his pple dnt cry