Compare and contrast Saudi Arabia's 2017 budget with 2016, and it's clear the kingdom has plenty of incentive to ensure the Organization of the Petroleum Exporting Countries and other major producers stick to output curbs agreed to past year.
U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $53.26 per barrel at 0024 GMT, unchanged from their settlement on Wednesday, when prices rose around 2 percent.
OPEC and non-OPEC oil producers meet this weekend in Vienna to agree details of the output cut, which targets an overall reduction of around 1.5 million barrels per day (bpd).
Muscat: Omani crude oil moved beyond $55 per barrel for the first time in 18 months, as oil producing countries see the results of OPEC's late 2016 pact to reduce production. Iraq's national oil company, the State Organization for Marketing of Oil, or SOMO, had plans as of December 8, nine days after agreeing to cut production, to instead increase deliveries of its Basra oil grades by about 7% compared with October levels, according to a detailed oil-shipment program viewed by The Wall Street Journal.
But at current price levels, Nigeria's 2017 budget predicated on oil price benchmark of $42.5/ barrel is likely to hit a significant bridging of the N2.36 trillion deficit by extra oil revenue estimated at about N1.2 trillion should the price rise be sustained through the fiscal year.
International Brent crude oil was yet to trade after closing up 68 cents at $56.82 per barrel on Friday.
Riyad Mahrez crowned 2016 CAF African Footballer of the Year
Other awards will go to the most promising talent, women's national team of the year, woman player of the year. The two are in the top three nominees for African player and team of the year respectively.
Crude oil output cuts announced by OPEC, stronger-than-expected demand in top commodities market China and expectations of higher infrastructure spending in the United States after the victory of Republican candidate Donald Trump all boosted prices. US light crude oil was down 10 cents a barrel at $53.16. "The variations between despair and euphoria should be much less extreme, and thus so should the variations in oil prices".
According to the report of American Petroleum Institute, the USA crude inventories dropped by 7.4 million barrels to reach 482.7 million in the week ending 30 December.
The Organisation of Petroleum Exporting Countries, OPEC, promised in November to cut output to help prop up prices.
Agricultural markets were some of the worst performers in 2016, with Chicago wheat poised to post an annual losses of more than 13 percent due to all-time high global production.
Although the agreement has led to an unprecedented price rally for the first time in three years, the sheer number of variables involved has left experts sceptical. January will serve as an indicator for whether the agreement can stick.