The rise came after steep falls last week on the back of ongoing high supplies from countries that aren’t participating in the cuts, including the US, where output is soaring
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But prices were still weighed on by resurgence in US oil production and the expectation that inventories there would build up once again
Heftier cuts by Saudi Arabia and Angola helped offset weaker compliance by other members that agreed to limit their output
But now, a new concern seems to have emerged: can this new Naira virility be sustained? The first response to this is predicated on keeping the peace in the Niger Delta
Barkindo gave the commendation in Abuja on Monday at a World press briefing he jointly held with the Minister of State for Petroleum, Dr. Ibe Kachikwu
Barkindo, who is in Nigeria on a four-day working visit, said this at a world news conference organised by the Minster of State for Petroleum, Dr. Ibe Kachikwu
Barkindo, who is also in the country for the 16th Nigeria Oil and Gas Conference and Exhibition, will be meeting with the Acting President, Prof. Yemi Osinbajo; the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, among other stakeholders, to discuss market dynamics in the sector
The Organization of the Petroleum Exporting Countries and other producers, including Russia, agreed last year to cut output almost 1.8 million barrels per day during the first half of 2017
The dollar was down by 0.9 per cent versus a basket of currencies, boosting greenback-denominated oil
Benchmark sweet Brent crude was up 50 cents a barrel $55.58 by 0900 GMT
Meanwhile, an increase in drilling in the United States could keep a lid on prices
If Equatorial Guinea was to join OPEC, it would become the cartel’s 14th member and the sixth from Africa
A weekend meeting in Vienna of members of the Organization of the Petroleum Exporting Countries and some producers outside of the group, including Russia, will establish a compliance mechanism
Prices for Brent crude futures, the international benchmark for oil prices, were trading at $53.75 per barrel at 0316 GMT, up 11 cents from their last close
Joseph Ogbebor, NUPENG’s General Secretary gave the union’s position in an interview with the News Agency of Nigeria on Monday in Lagos
Saudi Arabia has been curbing oil output in January by at least 486,000 barrels per day to 10.058 million bpd, fully implementing OPEC’s agreement to slow production, according to a Gulf source familiar with Saudi oil policy
Trading volume across markets was expected to remain thin as it usually is in the week between Christmas and the New Year
The News Agency of Nigeria reports that the market capitalisation inched N164 billion or 1.88 per cent to close at N8.855 trillion against N8.691 trillion achieved on Thursday
OPEC agreed this week to reduce output by around 1.2 million barrels per day
However, Nigeria and Libya were exempted from the cut, while Indonesia suspended its membership after refusing to agree to the deal.
Qatar’s Minister of Energy and Industry, Dr. Mohammed Al-Sada, said this at a news conference at the end of the 171 meeting of the Conference of the OPEC on Wednesday in Vienna