The price of crude oil per barrel in the international market has risen to $71.28 days after the international regulatory body the Organisation of Petroleum Exporting Countries (OPEC) stated its decision to move against more oil output from member countries.
The last time oil price went this high was in May 2019.
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Oil price had floated around the $65 per barrel benchmark the previous week, with many concerned that the rise of oil price could lead to member countries producing more oil than agreed.
A surge in the price of crude oil would mean that the Nigerian economy would receive more revenue from oil, as the government had set the benchmark price at $40 per barrel.
