Nigeria: Experts Advise Excess Oil Proceeds Be Spent On Infrastructure, Savings

27 May 2018

Crude oil prices have been on the rise for some time and are expected to maintain the upward streak for a while. Brent crude surged to $80 per barrel recently, a level never achieved since 2014. Increased geopolitical tensions in the Middle East, plunging Venezuelan production, and the return of United States' sanctions on Iran, which are expected to keep exports lower amid tighter market, have been adduced as some of the factors causing the rise in the oil prices.

Analysts have predicted that the black gold would be sold for $100 per barrel in 2019, if these prevailing factors become more manifest or have overarching effects on the oil market.

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