President Muhammadu Buhari has ordered the suspension of the Secretary…
United States President, Donald Trump has set his sights on a new opponent- the Organization of the Petroleum Exporting Countries (OPEC) which Nigeria is a member of.
Oil price surged to its highest level in three-and-a-half years following OPEC major player, Saudi Arabia’s expression of its desire to see oil price reach $80 per barrel and plans to list part of its huge national oil company, Saudi Aramco. It is not yet clear where the IPO for the company will hold. There was also news of a drop in US stockpiles of oil indicating increased demand helping to push prices up.
The price of oil surged to $74.74 per barrel for London Brent and $69.56 for New York crude on Thursday.
President Trump is not pleased with this and took to Twitter on Friday tweeting:
“Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!”
It is unclear what Trump plans to do about the increasing price of oil. However, for a country like Nigeria which relies heavily on oil, a drop in the price as advocated by the United States President would have a negative effect on its revenue.
President Buhari is scheduled to visit the White House for a meeting with Trump on April 30, and it will be interesting to see if oil is part of the agenda. It definitely should be at this point.