The sustained rally of Brent ($67.20pb) is coming at a good time for Nigeria. External reserves are below $42.7bn and the naira is holding steady at the parallel market at N360/$.
Oil prices have recently been propped up by a sense of regimented output discipline amongst OPEC members. Saudi Arabia even called on Nigeria to be quota compliant as OPEC’s January production figures put Nigeria 107,000bpd over its limit. This is reflective of the cartel’s resolve to restore balance to the oil markets and boost prices.
The attached slides address these and other issues in the domestic and global commodities market.
Enjoy your read!