Saturday, November 27, 2021

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BREAKING: Oil price hits $85/barrel for the first time in 3 years

The world leading Brent crude, the global oil benchmark, has crossed the $85 mark for the first time in three years.

Brent crude futures traded as high as $85.07 a barrel on Friday morning. US West Texas Intermediate (WTI) crude futures rose 0.85 percent to $82 a barrel.

Two weeks ago, Brent crude topped $80 per barrel.

The surge followed a rise in demand for energy that resulted from the decision of the Organisation of Petroleum Exporting Countries (OPEC) and its allies to maintain its gradual monthly oil production increase.

Changes like the surging gas prices, continued global recovery from the COVID-19 pandemic and vaccine rollout have steadily boosted the oil market.

The latest surge in crude prices comes as a potential boost to Nigeria’s oil export revenue.

In September, Nigeria’s oil production increased marginally to an average of 1.25 million barrels per day from 1.24 million the previous month.

President Muhammadu Buhari has budgeted $57 per barrel as the oil benchmark in the 2022 budget.

The new development could swell the country’s excess crude account, though experts fear that subsidy payments could erode the gains.

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