Nigeria’s recovery will not gain momentum until next year when the oil production cuts set in 2020 will be eased, and vaccine roll-outs fuel global demand, Bloomberg reports. Despite lifting most lockdown restrictions after bringing the coronavirus under control, Nigeria is still reeling from the pandemic impacts and lower oil prices.
- OPEC and allies have been considering raising output by 2 million barrels per day (bpd) in January, but rising coronavirus cases could weigh on demand affecting planned production.
- Potential vaccine roll-outs have helped oil recover prices from the previous lows.
- OPEC and allies will decide on output policy on November 30 and December 1 meetings
Oil futures are currently gaining. CL! is up 4.46%