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ProfRem
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The Organisation of Petroleum Exporting Countries (OPEC) has called for an informal meeting which is scheduled to take place on the side lines of an International Energy Forum meeting in Algeria on September 26.
On Monday, the U.S. West Texas Intermediate (WTI) crude futures settled at $43.02 a barrel while International Brent crude futures were trading at $45.33 a barrel, up $1.06. or 2.39 percent.
President Muhamamdu Buhari's 2016 budget was pegged at $39 per barrel of Nigeria's major source of revenue.
OPEC President and Qatar Energy Minister Mohammed al Sada said this in a statement on organisation’s website yesterday.
OPEC was not due to meet until its ordinary meeting on November 30 in Vienna but recent developments in the international oil market may have prompted the informal meeting.
However, Dr. Al Sada said the recent decline observed in oil prices and the current market volatility was only temporary.
“These are more of an outcome resulting from weaker refinery margins, inventory overhang - particularly of product stocks, timing of Brexit and its impact on the financial futures markets, including that of crude oil,” the statement said.
He said the expectation of higher crude oil demand in the 3rd and 4th Quarters of 2016, coupled with decrease in availability was leading the analysts to conclude that the current bear market was only temporary and oil price would increase during the later part of 2016.
On Monday, the U.S. West Texas Intermediate (WTI) crude futures settled at $43.02 a barrel while International Brent crude futures were trading at $45.33 a barrel, up $1.06. or 2.39 percent.
President Muhamamdu Buhari's 2016 budget was pegged at $39 per barrel of Nigeria's major source of revenue.
OPEC President and Qatar Energy Minister Mohammed al Sada said this in a statement on organisation’s website yesterday.
OPEC was not due to meet until its ordinary meeting on November 30 in Vienna but recent developments in the international oil market may have prompted the informal meeting.
However, Dr. Al Sada said the recent decline observed in oil prices and the current market volatility was only temporary.
“These are more of an outcome resulting from weaker refinery margins, inventory overhang - particularly of product stocks, timing of Brexit and its impact on the financial futures markets, including that of crude oil,” the statement said.
He said the expectation of higher crude oil demand in the 3rd and 4th Quarters of 2016, coupled with decrease in availability was leading the analysts to conclude that the current bear market was only temporary and oil price would increase during the later part of 2016.
