Brent has gained 5.6% in the last 7 days and is now trading at $65.59pb. The recent rally in oil prices is supported by the output cut from OPEC member countries to 30.8mbpd in January.
Currently, the oil market is anticipating the outcome of the US/China trade negotiations. If favourable, oil prices could increase further and this would be positive for Nigeria’s fiscal and dollar buffers.
The attached slides address these and other issues in the domestic and global commodities market.
Enjoy your read!