Crude oil price experienced a mixed week from November 18 to November 25, 2016. Specifically, OPEC basket price and Brent crude price fluctuated, to a daily average of $44.6 (from $42.33)and $48.3 (from $46.86)per barrel respectively. The present oil volatility is as a result of sell-offs, attributable to speculations/fears of an insufficient production cut by OPEC (in its bid to control oversupply) - a deal scheduled for its next meeting on November 30th 2016. This speculations have arisen due to the reluctance of major OPEC member country (Saudi Arabia) to participate in the potential oil cut dealwhich could exert a downward pressure on oil prices. However, oil prices should rise if OPEC members agree to the oil cut deal. Irrespective of the outcome of the meeting, Nigeria is exempted from the potential crude oil cut. Thus, it will be optimal for the government to act quickly to address the insurgence in the Niger Delta region, in order to raise domestic oil production as much as possible.

Crude oil price decreased in the review week. OPEC weekly basket price reduced by 3.5 percent to $42.06per barrel from November 4, 2016 to November 11, 2016, while Nigerias bonny light price decreased by 1.1 percent to $44.36per barrel in the same period. Global oil market refocused on oversupply, as indicated in the OPECs October crude data figures (global OPEC and Non-OPEC oil supply grew by 0.97mb/day to average 96.32mb/day and outpaced demand by 1.92mb/day).