• 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
Home Markets Commodities

Oil bullish ahead of OPEC+ supply decision

Ajibola Akamo by Ajibola Akamo
October 4, 2021
in Commodities, Markets
Oil bullish ahead of OPEC+ supply decision
Share on FacebookShare on TwitterShare on Linkedin

The black liquid was bullish in the London session today ahead of the Organization of Petroleum Exporting Countries and its allies (OPEC+) meeting today which is to decide on crude supply output after a recent rally in price of the black liquid which many say reflects the recovering demand and a return to normalcy from the COVID-19 pandemic.

Brent crude, the global benchmark, is up 1.78%, currently trading $80.77 per barrel. It rose by 1.5% last week. The U.S. benchmark, the West Texas Intermediate (WTI) is up 1.74%, currently trading $77.17 a barrel. The pair has been posting positive gains for the past six weeks.

Over the past few weeks, Oil prices have risen due to a rise in global demand and supply disruptions, pushing Brent to trade above $80 per barrel. A price point not traded in almost three years. The oil price rally is intensified by an even bigger increase in gas prices, which have spiked 300% and have come to trade close to an equivalent of $200 per barrel due to supply shortages and low production of other fuels.

RelatedStories

OPEC warns of 23 million bpd oil shortfall globally by 2030 without $17.4 trillion investment

OPEC warns of 23 million bpd oil shortfall globally by 2030 without $17.4 trillion investment

July 2, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 

Nigerian Oil falls below $70 a barrel amid faded supply disruption  

July 1, 2025

The OPEC+ meeting

The OPEC+ is facing pressure from some countries including the U.S., to add back more barrels to the market to help lower the prices of oil as demand has recovered at a faster rate than expected in some parts of the world. But this may be the case as according to four Reuters sources last week, the producers were considering adding more than what was agreed on in their initial deal but none gave details on how much more, or when supply would increase. The earliest any increase would take place would be November since the previous OPEC+ meeting decided October volumes.

Today, another three sources told Reuters that the group of oil producers was likely to stick to their existing agreement to produce an additional 400,000 barrels per day (bpd) despite consumer calls for more oil and cheaper crude.

The OPEC+ is under pressure from big consumers, such as the United States and India, to add extra supplies to cool prices that have surged 50% this year. The OPEC+ agreed in July to boost output by 400,000 barrels per day (bpd) each month until at least April 2022 to phase out 5.8 million bpd of existing cuts.

What they are saying

Morgan Stanley (NYSE:MS) analysts said in a note that, “Our base case expectations for today’s OPEC meeting is that OPEC continues with its existing agreement to unwind its production cuts by around 400,000 bpd each month. However, if there is a reason to do so faster, it is because OPEC’s own oil consumption is also recovering at a rapid pace.”

Louise Dickson, senior oil markets analyst at Rystad Energy stated, “The market is taking no risks before today’s OPEC+ meeting, waiting to see what the alliance plans for November. A cautious OPEC+ supply approach without surprises should keep Brent largely stable.”

Bottomline

Investors are advised to trade cautiously as the oil market will react swiftly to any decision the OPEC+ takes today in its meeting. Other factors affecting oil prices include the bullish outlook from top banking giants like Goldman Sachs and Trafigura Group; vaccination efforts and easing of lockdown measures; top African oil exporters Nigeria and Angola struggling to boost output to their quotas set by the OPEC+; and hurricanes Ida and Nicholas, which swept through the U.S. Gulf of Mexico in August and September, damaging platforms, pipelines and processing hubs and ultimately shutting down most offshore production for weeks.

Tags: Brent Crudecrude oilOPEC
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

Related Posts

OPEC warns of 23 million bpd oil shortfall globally by 2030 without $17.4 trillion investment
Energy

OPEC warns of 23 million bpd oil shortfall globally by 2030 without $17.4 trillion investment

July 2, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Commodities

Nigerian Oil falls below $70 a barrel amid faded supply disruption  

July 1, 2025
Oil Down, Dollar Weak, Naira Up: Why Nigeria’s Markets Are Defying the Odds – Drinks & Mics Ft. Chika Mbonu
Digital Media

Oil Down, Dollar Weak, Naira Up: Why Nigeria’s Markets Are Defying the Odds – Drinks & Mics Ft. Chika Mbonu

June 28, 2025
OPEC, crude oil production
Energy

OPEC+ output falls short in May as members cut oil to offset quota breaches

June 16, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Commodities

BonnyLight sells marginally higher than Brent, new Nigerian blend hits market

June 9, 2025
OPEC, crude oil production
Energy

Jitters for Naira as OPEC+ increases production quota by 411,000 barrels per day  

May 31, 2025
Next Post
Johnson & Johnson to request FDA authorization for vaccine booster shots

Johnson & Johnson to request FDA authorization for vaccine booster shots

Leave a Reply Cancel reply

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

first bank








DUNS

Recent News

  • Price hike: Lagos poultry farmers to set up LGA sale points to cut prices and bypass middlemen 
  • Zenith Bank emerges Nigeria’s Best Bank at Euromoney Awards For Excellence 2025
  • See 7 investment platforms flagged as Ponzi scheme by SEC so far in 2025

Follow us on social media:

Recent News

Poultry farm

Price hike: Lagos poultry farmers to set up LGA sale points to cut prices and bypass middlemen 

July 21, 2025
Zenith Bank emerges Nigeria’s Best Bank at Euromoney Awards For Excellence 2025

Zenith Bank emerges Nigeria’s Best Bank at Euromoney Awards For Excellence 2025

July 21, 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