25 June 2018 ( Lagos ) :At the end of last week, OPEC agreed to amend the existing oil output deal by increasing production by 1 million barrels per day (c.1% of global supply). The group, along with countries such as Russia, had targeted a 1.8 mb/d output cut from 2017, but had overachieved their objective partly due to unplanned production slumps in the likes of Venezuela. The increase in production is on the back of concerns that the oil market is tightening going into H2’18 and confidence that existing geopolitical tensions would continue to prop prices. Following an initial rally on Friday, oil prices have moderated slightly as market digests the likelihood of higher supply in H2’18, but analysts still expect prices to remain strong and forecast an average of $63/bbl for H2’18.
Source: Vetiva Capital Management Limited.
Reporting for EasyKobo on Monday, 25 June 2018 in Lagos, Nigeria
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