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Crude Oil Price Increases, Over $100 again

OPEC+ Maintains Monthly Crude Oil Output Increase At 400,000bpd

Crude oil prices surged beyond $100 on Sunday, reaching $101.16/barrel after trading around $98/barrel since Tuesday, as oil marketers in Nigeria maintained a higher-than-approved pump price for Premium Motor Spirit, often known as petrol.

According to industry data released on Sunday, Brent, the international benchmark for petroleum, rose $2.06, or 2.08 percent, to settle at $101.16 a barrel at 6.36 p.m. Nigerian time.

On Wednesday, Bizwatch Nigeria reported that Brent’s price fell below $100 per barrel on the preceding day.

According to the report, Brent fell by $7.72, or 7.21 percent, to $99.38 per barrel as of 7.45 p.m. Nigerian time last Tuesday, a trend that continued for most of the week.

The fluctuations in oil prices came as the latest figures released by the Organisation of Petroleum Exporting Countries showed an increase in Nigeria’s oil production from 1.024 million barrels per day to 1.158 million b/d.

The OPEC Monthly Oil Market Report for July 2022 showed that Nigeria’s oil production increased by 134 million barrels per day in June 2022, according to crude oil production data obtained by OPEC from direct communication. The report stated that Nigeria’s oil production in May 2022 was 1.024mb/d, but this moved up to 1.158mb/d in June.

However, figures from OPEC showed that the country had produced more crude oil in April this year than in April of last, as its output at the time was 1.219mb/d. The appreciation in crude oil prices on Sunday and fluctuations in Nigeria’s oil production came as oil marketers across the country maintained the hike in the pump prices of petrol at filling stations.

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