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LequteMan
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A report by the Voice of America has stated that President Muhammadu Buhari's recent travels to Middle East nations are unlikely to boost the price of crude oil.
"Despite Buhari’s lobbying ahead of a meeting of several OPEC members later this month, analysts say Nigeria has little leverage to convince petroleum-producers to take steps, such as cutting production, that would allow the price of oil to rise," the report said.
"OPEC members will meet later this month, and may agree on capping oil production at a certain level. But such a cap would only work if all countries abide by it."
"The best hope for an oil price increase, Loacker said, will come from better economic performance by emerging markets in Asia such as China, which has recently grappled with tumult in its stock markets and a slowdown in growth." it added.
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"Despite Buhari’s lobbying ahead of a meeting of several OPEC members later this month, analysts say Nigeria has little leverage to convince petroleum-producers to take steps, such as cutting production, that would allow the price of oil to rise," the report said.
"OPEC members will meet later this month, and may agree on capping oil production at a certain level. But such a cap would only work if all countries abide by it."
"The best hope for an oil price increase, Loacker said, will come from better economic performance by emerging markets in Asia such as China, which has recently grappled with tumult in its stock markets and a slowdown in growth." it added.
Read full report
