NewStats: 3,262,093 , 8,176,057 topics. Date: Saturday, 31 May 2025 at 06:51 PM v5x5e

Oil Price Rises To Two-month High of $35

The Organisation of Petroleum Exporting Countries and its allies reached a deal in April to cut oil production by 9.7 million barrels per day in May and June in a bid to prop up the price of the commodity.

BY SAHARAREPORTERS, NEW YORKMAY 18, 2020

The international oil price benchmark, Brent crude, rose to its highest level since March on Monday as major oil producers cut their output levels and countries eased lock-downs.

The Organisation of Petroleum Exporting Countries and its allies reached a deal in April to cut oil production by 9.7 million barrels per day in May and June in a bid to prop up the price of the commodity.

Brent, against which Nigeria’s oil is priced, increased by $2.88 to $35.38 per barrel as of 6:05pm Nigerian time on Monday, ThePUNCH reports. 

OPEC said last Friday that the total effective global production adjustments could reach 20.1 million bpd, noting that some of its , namely Kuwait, Saudi Arabia and the United Arab Emirates, had agreed on an additional 1.2 million bpd adjustment.

The Chief Market Analyst at Avatrade, Naeem Aslam, was quoted by Business Insider as saying that Monday was turning out to be a “remarkable day” for both Brent and the US benchmark, West Texas Intermediate.

He said, “The global economy is reopening and the oil glut has eased off.

“It is still unclear if the prices can continue their upward journey at the current pace, and especially if we have a valid reason for the crude price to top the $35.”

Energy Intelligence reported on Monday that OPEC might extend the cuts to the rest of the year, citing an unnamed OPEC delegate.

https://www.google.com/url?q=http://saharareporters.com/2020/05/18/oil-price-rises-two-month-high-35&sa=U&ved=2ahUKEwiiqe-Knr_pAhWLGuwKHQyrCQ4QFjAAegQIBRAB&usg=AOvVaw2dhZXiAFNkz0XfHKyONRYU

Well not bad but still below expectation

This is a welcome development

Somehow i just feel the oil should remain at $2 per barrel for like two years,maybe the government will take diversification of the economy seriously.

mamaafrik:
Somehow i just feel the oil should remain at $2 per barrel for like two years,maybe the government will take diversification of the economy seriously.

Abi.. It seems like our leaders are lazy thinkers

helinues:


Abi.. It seems like our leaders are lazy thinkers

No be una elect them

Better.

Davash222:

No be una elect them

Guy pls stop quoting me if you don't have meaningful thing to say.

Who elected Ikpeazu?

Good development for APC led government.
Let them continue with their mono economy, one day e go be.

helinues:


Guy pls stop quoting me if you don't have meaningful thing to say.

Who elected Ikpeazu?

How you easily left the head and attacked the tail shows the level of your bigotry.

Oil price will definitely rise above what it was was pre Pandemic due to increasing demand as countries reopen and begin energy consumption.

This will give the nation's economy enough time to absorb or recover from the shock or loss. Then we can begin the process of a gradual diversity of the economy. It's a process not a emergency. The relevance of oil is still superior to renewable energy.

Davash222:

How I easily left the head and attacked the tail shows the level of my dullness.

Fixed for you.

mamaafrik:
Somehow i just feel the oil should remain at $2 per barrel for like two years,maybe the government will take diversification of the economy seriously.

When little doodles who obviously are being taken care of by their parents talk, you will know. Because they have no input like food, water, and clothing to the house, they seldom understand the impact of a drastic diversification of the country's economy.

You ease into diversity not a jump. If I were you, I will be praying for mummy and daddy to absorbed of any impact as a result of falling oil price.

This is a very bad news for the hope of Nigerians

Oil price should fall to 0

Pls lord answer this

Buhari has bad luck on managing economy. Let him leave and see oil price jump to $100

Now that things are going back to normal, I just hope it won't be an excuse to bring untold hardship on the masses again

Cause every situation, either positive or negative is an excuse for this government

Congratulations Nigeria

helinues:


Abi.. It seems like our leaders are lazy thinkers

They don't think at all!

ecolime:
Good news

Bad news actually. We don't gain anything from the petroleum price increase as citizens. It only interprets to more available money to steal. And high oil price is not making us have sense as a nation. I'm enjoying the price as it's low. At least I am buying fuel at a cheaper rate.

This government have been telling us indirectly that no more fuel subsidy.
With the price hike, we might end up paying up to 200naira per litre.

Ceegar01:

https://www.google.com/url?q=http://saharareporters.com/2020/05/18/oil-price-rises-two-month-high-35&sa=U&ved=2ahUKEwiiqe-Knr_pAhWLGuwKHQyrCQ4QFjAAegQIBRAB&usg=AOvVaw2dhZXiAFNkz0XfHKyONRYU

Let it stay there for a while. We will move to solar fully

Who is buying oil now even at $35?

All oil tankers are just patrolling the seas looking who to buy oil like gala sellers in Lagos traffic.



Oil price will rise when the lockdown is eased in most countries.

StubbornGENIUS:
This is a welcome development

Very bad development for Nigeria. Oil is the source of Nigeria poverty and underdevelopment. This means more debt and less development.

It is unfortunate for Nigeria

It will continue to rise now as the lockdown is easing out.

Not bad

Has the pandemic taught us a lesson or are we just going to move ahead like it never happened without the lessons taught?...

sulaak:


Very bad development for Nigeria. Oil is the source of Nigeria poverty and underdevelopment. This means more debt and less development.

What are you even saying?Didn't you know that oil was at a negative value recently?At least we'll be making money from it instead of the other way round.

for the idiots who think Niger Delta oil will soon become useless.

oil can never become useless. don't listen to what the media says