S01E05 – Change your Strategy
Listen to Oludare Akinlaja on Innovate as he speaks on Change Your Strategy Innovate is a program that teaches individuals and organisations how to be productive. The effectiveness of life […]
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Since March, oil prices reached their highest level on Friday, a day after major producers agreed to reduce their oil output cuts next year more slowly than planned before — giving a shaky market more time to absorb the extra supply.
As at Friday evening, brent crude, the international benchmark, spiked 1.13 percent to almost $50 per barrel, peaking at $49.25 a barrel — the highest since March 5, 2020, when it traded at N49.99, while WTI crude increased by 1.03 percent at $46.06.
This development is a good news for Nigeria as crude oil accounts for half of the government’s income and about 90 percent of Nigeria’s foreign exchange earnings.
The nation’s economy has continued to struggle with foreign exchange scarcity following falling crude oil prices in the international market as a result of the COVID-19 pandemic.
The Organization of Petroleum Exporting Countries plus (OPEC+), a group of non-OPEC countries which export crude oil, yesterday accepted to ease oil-output cuts next year after almost a week of fraught negotiations that uncovered a new rift at the heart of the cartel.
The group agreed to add 500,000 barrels a day of production to the market in January, and ministers will then hold monthly consultations to decide on the next steps.
That’s a much shorter time frame than OPEC+ usually operates under, and before this week the expectation had been that the group would hold off putting more oil onto the fragile market for another three months.
But the compromise deal avoided a breakdown of OPEC+ unity, which had become a growing risk after days of tense talks exposed a new split between core cartel members, the United Arab Emirates, and Saudi Arabia.
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