Oil prices maintained an upward swing ahead of Thursday’s Organisation of Petroleum Exporting Countries (OPEC) and its allies (OPEC+) meeting.
The price of oil rose by 1.36 percent to $84.71 for U.S. West Texas Intermediate (WTI), while the Brent crude leaped by 1.36 percent to $84.86 at 2:16 pm (GMT+1).
In October, the price of Brent crossed the $85 mark for the first time in three years after which it dropped back to $82 a barrel last Wednesday.
According to reports, the demand for oil shot up as the production quota of the OPEC+ alliance rises after the outbreak of coronavirus disease plunged oil prices to a low as -$37.63 last year.
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Despite the rise in crude oil prices, payments for subsidy shortfall and low oil production continue to impact gains for Nigeria.
OPEC + will meet on Thursday, to review the benchmark for oil production.
Nigeria, one of Africa’s top producers, is struggling to boost output to the quota set by OPEC.
Nigeria’s oil production rose marginally in September, reaching an average of 1.25 million barrels per day from 1.24 million the previous month. The country has been performing below the OPEC quota — from an average of 1.36 million barrels per day in January 2021 to 1.25 million b/d in September.
Last week, Shell Production Development Company (SPDC), Shell’s subsidiary in Nigeria, declared force majeure on Bonny Light crude oil loadings.
