Global oil prices gain on Tuesday following the news of OPEC planning to extend production cuts and work on a viable exit strategy.

Brent crude oil gained 0.52 percent to $57.57 a barrel at 03:03 p.m. Nigerian time. While the West Texas Intermediate oil rose 0.77 percent to $52.30 a barrel, up from 38 cents.

In the past, traders have criticized the cartel for not having an exit strategy for its aggressive production cuts. Rather, hoping global demand would increase in the long run and eventually absorb supplies.

“The market will probably take it positively if OPEC can explain their thinking on how it works when they’re not voluntarily holding back oil from the market anymore,” said Torbjorn Kjus, an analyst at DNB Markets. “There’s a fear in the market that when the deal runs out, then it’s every man for himself again, and that’s not what they’re thinking.”

Last week, OPEC Secretary-General Mohammad Barkindo said balanced oil market is in sight and that production cuts have reduced half the oil-inventory surplus.

“A balanced oil market is now fully in sight,” Barkindo said at the Oil & Money conference in London on Thursday. “Stability is steadily returning and there is far more light at the end of the dark tunnel we have been traveling down for the past three years.”

U.S. inventories dropped by 3 million barrels last week, making it a fifth consecutive decline, according to a survey published by Bloomberg before government data due Wednesday.

“The oil inventory surplus in industrialized nations compared with the five-year average has fallen below 160 million barrels, less than half the level at the start of the year, he said. Stronger demand means that decline has accelerated since May,” Barkindo said.

http://investorsking.com/crude-oil-gains-opec-plans-extend-production-cuts/

Okay

B

crude oil is just 57 dollars insteads of $150 during pdp time
our foreign reserve is below 40 billion dollars instea of over 70 billion dollars in pdp time
and pdp did not change nigeria to fisrt world FOR 0VER 16 YEARS
but they want baba to do mircle
they squandered everthing
AND SOME NIGEGERIAN WANT BABA TO DO MIRACLE NOW
some nigerians are hypocrites

Do we still have the crude oil sef.... They have stolen the good ones left us with black lol God have mercy on this great Nation

Bad news for Nigeria, it would just make us more oil dependent.

Manufacturing is the answer

The only reason for one nigeria. The only reason why aboki shouts one naijeria. When will resource control be adopted. We need to know how hard working and industrious the abokis who have enriched themselves dubiously from Niger delta oil are.

Olore ofe.....e leru ni yii o....Olorun agbaye.....mo gbe o ga.......... #playing the piano#

More problem

Good news for our economy

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more money for polithiefians

I wonder what that dullard will say this tym

saraki2019:
crude oil is just 57 dollars insteads of $150 during pdp time
our foreign reserve is below 40 billion dollars instea of over 70 billion dollars in pdp time
and pdp did not change nigeria to fisrt world FOR 0VER 16 YEARS
but they want baba to do mircle
they squandered everthing
AND SOME NIGEGERIAN WANT BABA TO DO MIRACLE NOW
some nigerians are hypocrites

U are now in charge, whatever that is happening now is happening under ur watch and dats all history wld remember. So u guys shld stop blaming the past govts and get down to work. Many countries don't even receive the $57×1.8 million barrels per day and yet they are doing better than u. U shld be pointing out to us what u have achieved with the money u have received instead of always blaming the past govt.

zaragoza:


U are now in charge, whatever that is happening now is happening under ur watch and dats all history wld remember. So u guys shld stop blaming the past govts and get down to work. Many countries don't even receive the $57×1.8 million barrels per day and yet they are doing better than u. U shld be pointing out to us what u have achieved with the money u have received instead of always blaming the past govt.

one of the reasons i dont come to Nairaland as often again, how can someone still be blaming past govt after 3 years of no visible impact, let this govt choose a struggle, lets know this govt for something, why not just pick power and make it better, or pick Roads and do a fantastic job. money is not our problem. Our problems are people who have no idea how to manage a small class are managing a country

saraki2019:
crude oil is just 57 dollars insteads of $150 during pdp time
our foreign reserve is below 40 billion dollars instea of over 70 billion dollars in pdp time
and pdp did not change nigeria to fisrt world FOR 0VER 16 YEARS
but they want baba to do mircle
they squandered everthing
AND SOME NIGEGERIAN WANT BABA TO DO MIRACLE NOW
some nigerians are hypocrites

This excuse has become stale, did the price of oil stop the release of 2016/2017 budget? What do they have to show to the populace, I voted this government but they are corrupt just like pdp and also incompetency runs in their blood. The oil price didn't stop the corruption and cluelessness of this government I campaigned so much for.