Nigeria: Oil Prices Fall As Opec Raises Crude Supplies From July

Share on facebook
Share on google
Share on twitter
Share on linkedin

Crude oil prices fell on Monday after the decision by the Organisation of the Petroleum Exporting Countries and non-OPEC members to raise crude supplies to about one million barrels by starting from July 1.

The move was aimed at compensating producers for production loss at a time of rising global consumption.

Nigeria was originally exempted from the initial output capping due to the volatility in the Niger-Delta, which brought the country’s crude oil down to less than one million barrel per day.

OPEC and non-OPEC removed about 1.8 million from the market to boost crude oil prices. Though crude oil prices witnessed a little increase on Friday while the OPEC meeting was going on, but international benchmark for oil prices – Brent crude crashed from $75.32 a barrel to $74.44 per barrel.

However, West Texas Intermediate went down by 0.3 per cent to settle at $68.40 a barrel.
Nigeria’s Bonny Light crude oil also increased from $73.04 a barrel to $74.60 per barrel during the trading hours on Monday.

Leave a Reply