Oil prices rise to over $100 per barrel
THE Organization of Petroleum Exporting Countries, OPEC, and its allies, have increased Nigeria’s oil quota to 1.830 million barrels per day, mb/d in September 2022, from 1.826 mb/d in August 2022.
This was part of actions, targeted at achieving increased stability in the global oil market.
Consequently, prices of many crudes, including Nigeria’s Bonny Light, bounced back to over $100 per barrel in the global market.
But it was doubtful if Nigeria, currently producing about 1.4 mb/d, including condensate would meet its target because increased pipeline vandalism, oil theft and illegal refining in the Niger Delta.