Oil Price Climbs Above Nigeria’s Budget Benchmark | Sahara Reporters Recent drops in the supply of Shale oil from the United States and a cabinet reshuffle in Saudi Arabia has also helped Nigeria’s mono-economy create new revenue...FMPRng READ MORE:
A five-day price rebound has seen Brent crude – the price used to measure Nigeria’s petroleum grades – climb up from lows of $58 to $63.
Oilprice.com, which gives life petroleum prices, said the commodity was slightly down to $62.79 on Tuesday. The major factor for the mini-hike is said to be the intention of the Organisation of Petroleum Exporting Countries and its Russian-led allies to extend production cuts, which Nigeria has not been diligent with beyond December 2019.
Despite Nigeria’s non-compliance with its production quota, the alliance has been able to fulfill its output limitation by over 100 per cent, doing 136 per cent in August.
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