Global oil prices have fallen to their lowest level since February 2021, with Brent crude dropping to 58.83 dollars per barrel and US West Texas Intermediate settling at 55.04 dollars on Tuesday.
Reuters reports that the decline is driven by persistent concerns over global oversupply and growing expectations of a possible Russia Ukraine peace deal, which could lead to the easing of sanctions.
Barclays analysts said they expect Brent crude to average 65 dollars per barrel in 2026, noting that a projected surplus of about 1.9 million barrels per day has already been priced into the market.
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Meanwhile, the Organisation of Petroleum Exporting Countries has retained Nigeria’s crude oil production quota at 1.5 million barrels per day until December 2026, as Nigeria’s output rose to 1.43 million barrels per day in November, while the Senate has approved a reduced oil benchmark of 60 dollars per barrel for the 2026 budget.
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