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Brent, the crude against which Nigeria’s oil is priced, dropped in price on Monday morning following the agreement reached by members and allies of the Organisation of Petroleum Exporting Countries to increase oil production.
Industry figures showed that Brent fell by $1.2 per barrel to $72.39 per barrel as of 8.36am Nigerian time on Monday. This came as OPEC and its allies earlier agreed on Sunday to increase crude oil production by 400,000 barrels per day. It disclosed this in its Declaration of Cooperation resolutions reached at the 19th OPEC and Non-OPEC Ministerial Meeting held virtually.
On issues agreed upon by participating countries, the organisation stated that they decided “to adjust upward their overall production by 0.4mb/d on a monthly basis starting August 2021 up until phasing out the 5.8mbd production adjustment.Read Also
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