03 August 2018 :In a recent interview with Bloomberg, Nigeria’s minister of state for Petroleum, Emmanuel Ibe Kachikwu stated his belief that the current OPEC deal will be extended well into 2019 if crude prices continue to hover around the $70/bbl range. OPEC’s Monitoring Committee will meet this month to deliberate on the effectiveness of the current deal and either make adjustments or keep things constant.
However, Kachikwu believes that most participants are comfortable with the current deal and might only be willing to budge if price soars above $80/bbl or below $65/bbl. He also believes that China’s current trade war would not materially affect crude demand from the communist state, as he expects the country’s economic relationships with other emerging markets to sustain demand.
Reporting for EasyKobo on Monday , 03 August 2018 in Lagos, Nigeria
Source: Vetiva Capital Management Limited
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