Commodities | |
Commodities | |
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Friday, February 22, 2019 08:30 AM /FDC
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 slides below address these and other issues in the domestic and
global commodities market.
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