Brent, the international benchmark for crude; fell below $100 per barrel as the latest figures released by the Organisation of Petroleum Exporting Countries; They showed an increase in Nigeria’s oil production from 1.024 million barrels per day to 1.158mb/d.
Industry data indicated Brent dropped in price by $7.72; or 7.21% to close at $99.38 per barrel as at 7.45pm Nigerian time. This came as figures from the OPEC Monthly Oil Market Report for July 2022; showed that Nigeria’s oil production increased by 134 million barrels per day; according to crude oil production data obtained by OPEC from direct communication.
The report stated that Nigeria’s oil production in May 2022 was 1.024mb/d, but this moved up to 1.158mb/d. However, figures from OPEC showed the country had produced more crude oil in April this year; as its output at the time was 1.219mb/d.
OPEC further stated that crude oil spot prices rose, extending the previous month’s increase.
It said higher futures prices and strong physical crude market fundamentals drove the increase; amid higher crude demand from refiners and several supply disruptions. The OPEC Reference Basket rose $3.85, or 3.4% to settle at $117.72/barrel,” the organisation.
Meanwhile, OPEC dedicated its July 2022 Monthly Oil Market Report to its late and immediate past Secretary-General, Mohammad Sanusi Barkindo. It said, “We dedicate this issue of the OPEC Monthly Oil Market Report to the memory of OPEC Secretary-General; His Excellency Mohammad Sanusi Barkindo, who passed away on July 5, 2022 in his home country of Nigeria.