Oil prices have fallen ahead of this weekend’s meeting of the Organisation of Petroleum Exporting Countries and its allies, known as OPEC+. Brent crude slipped by 1.1 percent to $66.85 per barrel, while US West Texas Intermediate dropped 1.2 percent to $63.20.
Eight member countries, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, are expected to meet on Sunday to consider voluntary production adjustments. Reports suggest they may raise output in October to regain market share.
Also Read: Nigeria Loses N8.7trn For Failing To Meet OPEC Quota In 8 Months
The oil cartel had previously agreed to phase out 2.2 million barrels per day of production cuts on a monthly basis until September 2026, with gradual increases already implemented this year.
With oil now trading below the $75 per barrel benchmark set for Nigeria’s 2025 budget, analysts warn that falling prices could pose risks to government revenue and budget implementation.
Leave feedback about this
You must be logged in to post a comment.