Nigeria Economic Update (Issue 45)

Issue 45

Crude oil prices recorded increase during the review week. Global benchmark, Brent price increased from $61.42 to $63.522. Nigeria’s Bonny light gained 9.6 percent to trade at $64.78 per barrel. The week’s rise was at the backdrop of further prospective cuts agreement at OPEC’s meeting in November 2017 and political tensions and uncertainties in Saudi Arabia – given that these events may likely reduce supply and support demand in the near term. Meanwhile, global crude oil market events have been favorable to Nigeria, as the price of bonny light at approximately $65 per barrel, reflects the highest in more than two years.

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