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The African Energy Chamber said Nigeria joined OPEC+ in the 9.7 million barrel curtailment after Mexico agreed to a 100,000 bpd cut, with additional US producer cuts of 300,000 bpd. It expects oil prices to rebound by about $15 per barrel in the short term.
The US-backed Mexican alignment closes a key gap in the cut, supporting the crude price rebound that underpins energy costs for feed producers.
africanenergychamber.africa-newsroom.comAPO Group, African Energy ChamberApr 13, 2020After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
