25 September 2018 : Brent crude prices crossed $81/bbl on Monday for the first time since November 2014 after OPEC refused to heed President Trump’s calls to boost production and ease prices. At its meeting in Algiers held over the weekend, the coalition of the world’s biggest oil producers, led by Saudi Arabia and Russia, explained that it was “satisfied with the current oil market outlook, with an overall healthy balance between supply and demand”. 

The rise in prices comes on the back of U.S. sanctions on Iranian exports and the Venezuelan economic crisis which have cut supply by nearly 1 million barrels a day in the past year, and with fresh U.S. sanctions expected in November, there is a more upside to prices. Analysts expect prices to persist at these heady levels for the rest of the year amid the supply disruptions and note that this should have a positive effect on Nigeria’s oil earnings given its recent recovery in production. 

Reporting for EasyKobo on Tuesday , 25 September 2018 in Lagos, Nigeria