BusinessDay

Nigeria, others comply with OPEC quota in January

Nigeria and other OPEC+ in the month of January comply fully with the cartel production out. This has consequently resulted in the upward movement of the price of crude at the international market. The cartel lifted 444,000 barrels of crude oil per day in the month of January

OPEC January 25.70million barrels up by 270,000 barrels per day while Non OPEC members produced 170,000 on Russian surge. Below graph show how each country has performed.

Meanwhile, oil prices edged up on Tuesday to their highest in 13 months as supply cuts by major producers and optimism over fuel demand recovery support energy markets.

Read Also: Nigeria’s 2021 oil revenue at risk as OPEC’S new deal mandates 939,000 bpd cut

Brent crude futures for April gained 29 cents, or 0.5percent, to $60.85 a barrel . U.S. West Texas Intermediate crude (WTI) for March was at $58.25 a barrel, up 28 cents, or 0.5percent

Both Brent and WTI are at their highest since January 2020. Front-month prices for both contracts are up for the seventh session on Tuesday, the longest win streak since January 2019.

Additional supply reductions by top exporter Saudi Arabia in February and March, on top of cuts by producers in the Organization of the Petroleum Exporting Countries and their allies, are tightening supplies and balancing global markets.

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