For its part, OPEC remains concerned about the level of production by U.S. shale producers and the cartel is urging its U.S. rivals to pare output to support prices. According to the Energy Information Administration, crude oil product could hit 9.9 million barrels per day in 2018, which surpasses the prior high reached in 1970 of 9.6 million barrels per day.

“The turnaround has seen investors pile into the New York-based Global X MSCI Nigeria ETF this year, too. That’s increased the exchange-traded fund’s market capitalization to almost $100 million, triple the size of a year ago,” according to Bloomberg.

NGE tracks the MSCI All Nigeria Select 25/50 Index. As of Jan. 26th, the ETF had $96.6 million in assets under management. At the end of the fourth quarter, NGE held 21 stocks, over 91 percent of hailed from the financial services and consumer staples sectors.

For more information on the developing economies, visit our emerging markets category.