Brent, the international benchmark for crude, fell below $100 per barrel on Tuesday 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 1.158mb/d.
Brent crude dropped in price by $7.72 or 7.21 per cent to close at $99.38 per barrel as at 7.45pm Nigerian time on Tuesday.
This came as figures from 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.
OPEC further stated that crude oil spot prices rose in June, extending the previous month’s increase.