Brent, the crude against which Nigeria’s oil is priced, moved up in price to $114/barrel as at 4.34pm Nigerian time on Wednesday, rising by $3.72 or 3.37 per cent when compared to the previous day’s cost.
Its rise in price followed the ongoing war between Russia and Ukraine, as the Organisation of Petroleum Exporting Countries raised the alarm that the crisis was also costing the energy market more than seven million barrels of crude oil daily.
The Secretary-General, OPEC, Sanusi Barkindo, disclosed this at the 61st meeting of the Joint Technical Committee of the organisation via videoconference. Nigeria is a strong member of OPEC.
He said, “Today, we are also confronting a war in Ukraine whose far-reaching consequences could reshape the geopolitical landscape as well as world order itself.-The Punch