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Crude Oil Hits 4-Year Price Of $70 A Barrel

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The price of crude oil has continued its rebound, hitting a 4-year high of $70 a barrel on Thursday for the first time since December 2014.

Brent crude climbed after the 14-member OPEC, a cartel of some of the world’s leading oil-producers which accounts for 40% of the world’s output, said it would continue to limit supplies.

Suhail al-Mazrouei, the UAE oil minister and Opec president, said it was committed to limiting output until the end of the year.

Last year, OPEC and other nations including Russia said they would extend a deal to cut production to help support oil prices that had fallen below $50 a barrel when the agreement was struck in 2016.

Thursday’s rise was also bolstered by a surprise fall in US oil stockpiles.

While this resurging prices might be good news for the Nigerian government, on the flip side, it’s going to be bad news for the consumers as oil importers will surely asked for a review of petrol pump price or the government provide subsidy.

Surely, looming is another merry,-go-round of fuel scarcity, price increase, subsidy and the unending debate on deregulation. Get ready for ‘fue-conomics’ 2018.

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Akin Akingbala is an international journalist based in Lagos, Nigeria. Aside being happily married, he has interests in music, sports and loves traveling.

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