The Nation (Nigeria)
Brent crude dips to $71.16 on OPEC’S decision
HE Brent crude price yesterday dropped to $71.16 per barrel, shedding $2.45 per barrel.
It was a 3.3 per cent decline in price following the Organisation of Petroleum Exporting Countries’ (OPEC) decision to increase its production output by 0.4million monthly from next month until the phasing out of 5.8mbd production adjustment in Decem
From John Ofikhenua, Abuja ber, this year assess market developments and Participating Countries’ Performance.
OPEC had in a statement on Sunday announced a new output quota, increasing Nigeria’s to 1.829m/d from April 2022 to May 2022.
The statement on Declaration of Cooperation issued from the 19th OPEC and NON-OPEC Ministerial
Meetings in Vienna, Austria.
The OPEC added that it was in view of the oil market fundamentals and the consensus on its outlook.
The statement noted that the Participating Countries: reaffirmed “the Framework of the Declaration of Cooperation, signed on December 10, 2016 and further endorsed in subsequent meetings, including on April 12, last year.