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China is the world's biggest oil importer and the second-largest crude consumer. Storage data from the U.S. government is due on Thursday.

After a record 12 straight days of losses and the steepest one-day loss in more than three years, the oil market reversed course after Reuters reported that OPEC and its partners were discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), more than officials had mentioned previously. This development, which has delighted governments, as they believe that the development, if its continues, will enable them meet their fiscal responsibilities.

Worldwide benchmark Brent crude oil futures were down 9 cents at.38 per barrel.

Despite this, oil prices have lost around a quarter of their value since early October as supply soars just as demand is expected to slow down along with an economic downturn. Some countries such as India and South Korea have signed a waiver, that will allow them to continue exporting limited volumes of Iranian oil without being shut out of the USA financial system.

A university don, Prof Wunmi Iledare, said the sanction is flexible and as such will not have immediate effects on Nigeria.

Next, President Trump signed waivers allowing the continued purchasing, albeit temporary, of Iranian oil by eight countries in spite of sanctions.

Brent crude fell by 4.2 per cent to $67.15, touching its lowest since March.

Trump's statement came after top oil exporter Saudi Arabia announced a supply cut in December and other producers considered reductions heading into 2019.

However, although Iranian exports will be dramatically reduced, they will not cease altogether.

Meanwhile, the country's average heavy oil price was $77.04 in October, up $1.76 or 2.3 percent from $75.28 in September.

Earlier this month, the United States re-imposed sanctions on Iran, banning global exports threatening heavy penalties on any country that continues to trade with the middle-eastern nation. The surge in production has made the USA the world's biggest producer.

Even as the USA was planning to grant the Iran waivers, Trump was badgering other members of OPEC to boost production to make up for any loss of Iranian supply.

Crude oil retreated from tops on Russia's news. "This is good for Nigeria that is eyeing increase in the price of crude to finance its fiscal responsibilities", he said.

Crude inventories in industrialised nations have increased for four consecutive months and are set to jump by two million barrels a day in the first half of 2019 if current output is maintained, the International Energy Agency said yesterday in its monthly report.

Akinnisibu said the issue is a good development for Nigeria, because the shocks on Brent crude, which is the country's crude oil, would not be much.

OPEC faces potential challenges from various fronts, including members Iraq and Nigeria, both of whom have clearly stated their intention to increase production in 2019; meanwhile, Alexander Novak, energy minister for Russian Federation, reiterated a familiar message to media on Wednesday, that no emergency action is warranted to stem a decline in oil prices.