Petroleum Africa
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Wednesday, February 24, 2016
During a visit to Riyadh, Saudi Arabia, Nigeria’s president Muhammadu Buhari discussed ways to stabilize the crude market with King Salman of Saudi Arabia. A spokesman for Buhari said both leaders are committed to a “stable oil market” and efforts to support the price rebound.
Last week talks between certain OPEC members and Russia revealed a potential production freeze in hopes that prices would scale back up, but there are doubts by analysts that a freeze at January levels would do much when the market is over supplied.
However, OPEC Secretary-General Abdullah al-Badri believes that if the freeze is successful it could trigger other actions. Al Badri told attendees at the IHS CERAWeek in Houston, a pact to freeze output reached last week between Saudi Arabia, Russia, Venezuela and Qatar was just a start.
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