• Contact Us
  • About Us
Wednesday, September 27, 2023
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Economy

Oil prices hit $58

metro by metro
December 12, 2016
in Economy, Energy
0
refinery
0
SHARES
0
VIEWS

Oil prices shot up over four per cent to their highest level since 2015 early on Monday after OPEC and other producers over the weekend in Vienna reached first output cut deal since 2001. They jointly reduced output in order to rein in oversupply and prop up the market.

Brent sweet crude futures, the international benchmark for oil prices, soared to 57.89 dollars per barrel in overnight trading between Sunday and Monday, its highest level since July 2015. U.S.

Read Also

Hardship Making Nigerians To Lose Faith In Government

Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation

More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others

West Texas Intermediate (WTI) crude futures also hit a July 2015 high of 54.51 dollars a barrel. With the deal finally signed after a year,the market’s focus will now switch to compliance with the agreement. ANZ bank said that Saudi Aramco, Saudi Arabia’s state-controlled oil company, had informed customers that their allocations would be reduced in January 2017, in line with the recent OPEC production cut agreement.” OPEC has said it will slash output by 1.2 million barrels per day from Jan. 1, with top exporter Saudi Arabia cutting around 486,000 bpd in a bid to end overproduction .

Oversupply has dogged markets for over two years and pushed the economies of many oil exporting countries into crisis. On Saturday, producers from outside the 13- country OPEC group agreed to reduce output by 558,000 bpd, short of the initial target of 600,000 bpd .

Previous Post

Ban Ki-Moon Challenges Nigeria, Others On War Against Corruption

Next Post

Three people reportedly die during stampede in T.B Joshua’s Synagogue Church

Related Posts

Hardship Making Nigerians To Lose Faith In Government
Economy

Hardship Making Nigerians To Lose Faith In Government

September 26, 2023
Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation
Economy

Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation

September 22, 2023
More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others
Economy

More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others

September 21, 2023
Nigerians Thrown Into Total Darkness As National Grid Collapses Again
Energy

Nigerians Thrown Into Total Darkness As National Grid Collapses Again

September 14, 2023
Next Post

Three people reportedly die during stampede in T.B Joshua’s Synagogue Church

MIPAD Honors Global Top 100 Achievers of African Descent at United Nations Featuring American Billionaire Robert F. Smith and World Health Organization Director Dr. Tedros A. Ghebreyesus

September 26, 2023

Fabien Bortoluzzi appointed of Managing Director, Thales Western & Central Africa

September 26, 2023
Equities Market Upbeat Performance Persists… ASI Gains 0.9% W/W

GX RegCo Unveils Code Of Conduct For Approved Persons Of Trading License Holders Of Exchange 

September 26, 2023
ADVERTISEMENT
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version