• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result

Why oil prices did well in February

Nairametrics by Nairametrics
February 27, 2015
in Uncategorized
Why oil prices did well in February
Share on FacebookShare on TwitterShare on Linkedin

image

February is on track to be the best month for oil since June 2014. Brent April crude LCOc1 was up $1.27 at $61.32 , on track to post a 15 percent monthly gain, the first since June and biggest in percentage terms since May 2009.

U.S. April crude was also up 63 cents at $48.80 a barrel, needing a finish above $48.24 to post a February gain.

RelatedStories

Middle East crisis: Oil prices could hit $140 in 2024 

Global oil price hits $80 per barrel as traders expect US sanction of Russian oil fleets  

January 10, 2025
What Israeli-Hamas war means for Nigeria’s economy 

Oil prices near $80 over fears of further conflicts in the Middle East 

October 7, 2024

So what does this all mean? If nothing it tells you it will take a lot more to get oil price below $40 and to a level where shale gas producers will be completely out of business. But why was February this good? Here are a few reasons ;

OPEC

OPEC’s oil supply has fallen this month as bad weather delayed exports from Iraq’s southern ports, a Reuters survey found on Friday, slowing an expansion of supplies in the group’s second-largest producer.

The survey also found slightly higher output in Saudi Arabia, a sign that the largest producer in the Organization of the Petroleum Exporting Countries is sticking to its strategy of focusing on market share rather than cutting output.

LIBYA and IRAQ

OPEC supply has fallen in February to 29.92 million barrels per day (bpd) from a revised 30.27 million bpd in January, according to the survey based on shipping data and information from sources at oil companies, OPEC and consultants.

The main reasons for the decline are involuntary – poor weather slowing Iraq’s exports and unrest in Libya. OPEC at a meeting in November decided to retain its output target of 30 million bpd, despite collapsing prices and concerns from members such as Iran and Venezuela about falling oil revenue.

Iraq’s southern exports declined to 2.05 million bpd, from 2.39 million bpd in January, the survey found. Exports from northern Iraq, comprising volumes of Iraq’s State Oil Marketing Organisation and the Kurdistan Regional Government, have risen by 50,000 bpd, sources said.

NIGERIA & ANGOLA

Elsewhere in OPEC, Angola lifted supply slightly in February, the survey found, partly due to a new crude stream, Sangos. The other West African OPEC member, Nigeria, exported less due to fewer shipments of its largest stream, Qua Iboe.

Source: Reuters/Nairametrics

Tags: News ReviewOil & GasOIl and Gas Newsoil price
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Related Posts

Middle East crisis: Oil prices could hit $140 in 2024 
Energy

Global oil price hits $80 per barrel as traders expect US sanction of Russian oil fleets  

January 10, 2025
What Israeli-Hamas war means for Nigeria’s economy 
Energy

Oil prices near $80 over fears of further conflicts in the Middle East 

October 7, 2024
Naira
Currencies

Naira rises 1.69% in I&E Window as global crude prices approach $80 

October 5, 2024
Zabazaba oil field
Blurb

Bullish momentum in Nigeria’s oil and gas Sector: Can the rally be sustained? 

October 5, 2024
Nigerian Stock Market sees red from start to finish, suffers N156 billion loss at last trading day of the week
Equities

Industrial goods sector suffers 13% drop in August, While Oil and Gas boosts market 

September 2, 2024
President Bola Ahmed Tinubu
Energy

President Tinubu to commission 3 main gas infrastructure projects by NNPC, others

May 3, 2024
Next Post
First Bank restricts how much you can withdraw from your ATM in the US

First Bank restricts how much you can withdraw from your ATM in the US

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Nigeria Customs warns public against fake July CBT recruitment shortlist, vows actions against fraudsters 
  • Breaking: NDPC fines Multichoice Nigeria N766.2 million for violating NDP Act
  • Ex-world’s richest woman Francoise Bettencourt Meyers is $18 billion richer in 2025

Follow us on social media:

Recent News

NCS

Nigeria Customs warns public against fake July CBT recruitment shortlist, vows actions against fraudsters 

July 6, 2025
Breaking news

Breaking: NDPC fines Multichoice Nigeria N766.2 million for violating NDP Act

July 6, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics