The Nation (Nigeria)

Brent crude dips to $71.16 on OPEC’S decision

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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.

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