02 October 2018 : A preliminary Reuters survey suggests that OPEC oil production increased by just 90,000 barrels a day to 32.85 mb/d in September as a fall in Iranian shipments due to U.S. sanctions offset higher output from Libya and Saudi Arabia. Brent price rose above the $85/bbl mark early on Tuesday for the first time since October 2014 as OPEC nations have been unable to ramp up production fast enough to cover the shortfall from Iran and Venezuela.
Analysts note that the last few weeks have been the longest stretch of strengthening prices and may point towards a more sustained bull market—barring any shocks to the oil demand outlook. Analysts note that Nigeria’s production has steadily recovered from its Q2’18 dip, with the Ministry of Petroleum Resources estimating a rise in production from 1.83 mb/d in May to 2.15 mb/d in August.
Reporting for EasyKobo on Tuesday , 02 Octber 2018 in Lagos, Nigeria
Source: Vetiva Capital Management Limited