Brent fell by 4.54% to $63.03pb immediately after in the last few days. Traders are worried about possible output increment by OPEC or rogue members. The meeting on Thursday will most likely leave output the same.
The fall in Brent should help assuage fear of a rumored 200 per liter PMS price potential if the surge in crude oil continues. Nigeria’s main cocoa crop has gained growth from a prolonged harvest Ondo state as the harvest season winds down. More rainfall in January and Febuary, mild harmattan and no incidents of bush fires in the state helped to extend the harvest of the main crop.
This is likely to add to Nigeria’s estimated annual Cocoa production of 280,000mt and growth on export earning. This is coming at a time when alleged food blockades in some of the northern states triggered artificial scarcity and temporary surge in the prices of some commodities.
