Oil Price Falls, OPEC Raises Nigeria’s Production Quota.

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The Organisation of Petroleum Exporting Countries raised Nigeria’s crude oil production quota for September 2022 to 1.83 million barrels per day; as Brent, the global benchmark for crude, dropped in price the same day.

Data obtained from OPEC showed that the 13-member organisation increased Nigeria’s oil production quota marginally from 1.826mbpd in August to 1.83mbpd in September.

This came as industry figures seen in Abuja indicated a drop in the cost of crude oil, as Brent fell by 2.36 per cent; shedding $2.37 to close at $98.17/barrel as at 5.10pm Nigerian time.

It was also observe that crude oil grades in the OPEC basket dropped in price, losing $1.94 or 1.82 per cent; to close at $104.86/barrel.

Oil prices have stayed above $100/barrel for months due several industry concerns such as the war in Ukraine by Russia.

Punch.

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