{"id":34515,"date":"2021-01-06T16:57:31","date_gmt":"2021-01-06T16:57:31","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=34515"},"modified":"2021-01-06T16:42:44","modified_gmt":"2021-01-06T16:42:44","slug":"oil-prices-hit-11-month-peak-as-saudi-promises-production-cut","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut","title":{"rendered":"Oil prices hit 11-month peak as Saudi promises production cut"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>Oil prices climbed to their peak in 11 months on Wednesday, following Saudi Arabia\u2019s decision to slash output to a lower-than-expected level during talks between the Organisation of the Petroleum Exporting Countries (OPEC) and allies led by Russia.<\/p>\n

Brent crude, the benchmark for Nigerian oil grades, jumped by $0.65 or 1.21 percent to $54.25 per barrel at 12:10 West Africa Time. It had appreciated by 4.9 percent on Tuesday.<\/p>\n

United States West Texas Intermediate futures rose by as much as 0.6 percent to $50.24, its peak since February 26, before easing to $49.96. It closed at 4.6 percent higher on Tuesday.<\/p>\n

Bonny Light, Nigeria\u2019s premium oil grade, grew by 3.69 percent or $1.86 to $52.29 per barrel on Tuesday.<\/p>\n

The world\u2019s biggest oil-exporting country Saudi Arabia voluntarily chose on Tuesday to make further scale down its output by a million barrels per day (bpd) in February and March after an OPEC+ meeting, an action that reinforced oil prices.<\/p>\n

Saudi Arabia\u2019s agreed cuts formed part of a pact to convince other members of the OPEC+ cartel to maintain supply levels, lifting oil prices.<\/p>\n

Producers are working to bolster oil prices as fresh lockdowns introduced to curb the pandemic spread hammers demand as COVID-19 infections advance rapidly around the world.<\/p>\n

\u201cDespite this bullish supply agreement, we believe Saudi\u2019s decision likely reflects signs of weakening demand as lockdowns return,\u201d said Goldman Sachs analysts in a note even though the investment bank maintained its projection for Brent at full year at $65 per barrel.<\/p>\n

Iran\u2019s confiscation of a tanker belonging to South Korea in the Gulf on Monday equally boosted oil prices.<\/p>\n

U.S. crude oil stockpiles were down by 1.7 million barrels to 491.3 million barrels in the week to 1st January, figures from the American Petroleum Institute revealed on Tuesday.<\/p>\n

The figure surpasses analysts\u2019 forecast of 1.3 million barrels in a Reuters poll.<\/p>\n

Opinions<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. Oil prices climbed to their peak in 11 months on Wednesday, following Saudi Arabia\u2019s decision to slash output to a lower-than-expected level during talks between the Organisation of the Petroleum Exporting Countries (OPEC) and allies led by Russia. Brent crude, the benchmark for Nigerian oil grades, jumped by $0.65 or 1.21 percent […]<\/p>\n","protected":false},"author":84,"featured_media":34514,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2140,1585,254,1602,2320],"class_list":["post-34515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-nigeria-2","tag-covid-19-2","tag-nigeria","tag-oil-prices","tag-saudi"],"yoast_head":"\nOil prices hit 11-month peak as Saudi promises production cut - Nigeria<\/title>\n<meta name=\"description\" content=\"Oil prices climbed to their peak in 11 months on Wednesday, following Saudi Arabia\u2019s decision to slash output to a lower ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices hit 11-month peak as Saudi promises production cut\" \/>\n<meta property=\"og:description\" content=\"Oil prices climbed to their peak in 11 months on Wednesday, following Saudi Arabia\u2019s decision to slash output to a lower ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-06T16:57:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/01\/img-5ff5e85f5d253.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil prices hit 11-month peak as Saudi promises production cut\",\"datePublished\":\"2021-01-06T16:57:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut\"},\"wordCount\":313,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/01\/img-5ff5e85f5d253.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"Covid-19\",\"Nigeria\",\"Oil prices\",\"Saudi\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut\",\"name\":\"Oil prices hit 11-month peak as Saudi promises production cut - Nigeria\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/01\/img-5ff5e85f5d253.jpg\",\"datePublished\":\"2021-01-06T16:57:31+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"Oil prices climbed to their peak in 11 months on Wednesday, following Saudi Arabia\u2019s decision to slash output to a lower ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/01\/img-5ff5e85f5d253.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/01\/img-5ff5e85f5d253.jpg\",\"width\":720,\"height\":400,\"caption\":\"Oil prices hit 11-month peak as Saudi promises production cut\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/nigeria\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil prices hit 11-month peak as Saudi promises production cut\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/\",\"name\":\"Africa Press | Nigeria | Homepage\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Oil prices hit 11-month peak as Saudi promises production cut - Nigeria","description":"Oil prices climbed to their peak in 11 months on Wednesday, following Saudi Arabia\u2019s decision to slash output to a lower ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut","og_locale":"en_US","og_type":"article","og_title":"Oil prices hit 11-month peak as Saudi promises production cut","og_description":"Oil prices climbed to their peak in 11 months on Wednesday, following Saudi Arabia\u2019s decision to slash output to a lower ...","og_url":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut","og_site_name":"Nigeria","article_published_time":"2021-01-06T16:57:31+00:00","og_image":[{"width":720,"height":400,"url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/01\/img-5ff5e85f5d253.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Oil prices hit 11-month peak as Saudi promises production cut","datePublished":"2021-01-06T16:57:31+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut"},"wordCount":313,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/01\/img-5ff5e85f5d253.jpg","keywords":["Africa Press","Africa Press-Nigeria","Covid-19","Nigeria","Oil prices","Saudi"],"articleSection":["all news","Economy","homepage-english","twitter"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut","url":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut","name":"Oil prices hit 11-month peak as Saudi promises production cut - Nigeria","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/01\/img-5ff5e85f5d253.jpg","datePublished":"2021-01-06T16:57:31+00:00","author":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"Oil prices climbed to their peak in 11 months on Wednesday, following Saudi Arabia\u2019s decision to slash output to a lower ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut#primaryimage","url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/01\/img-5ff5e85f5d253.jpg","contentUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/01\/img-5ff5e85f5d253.jpg","width":720,"height":400,"caption":"Oil prices hit 11-month peak as Saudi promises production cut"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-hit-11-month-peak-as-saudi-promises-production-cut#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/nigeria\/"},{"@type":"ListItem","position":2,"name":"Oil prices hit 11-month peak as Saudi promises production cut"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/nigeria\/#website","url":"https:\/\/www.africa-press.net\/nigeria\/","name":"Africa Press | Nigeria | Homepage","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","url":"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/34515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/comments?post=34515"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/34515\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media\/34514"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media?parent=34515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/categories?post=34515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/tags?post=34515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}