Crude Oil Rises To $35.79 Per Barrel

Brent Crude has risen from $32 to $35.79 per barrel earlier today with new hope for the Nigerian Economy.

Naija News Understands that the price of crude oil spiked, gaining as much as 8.5% to trade following the Organisations of Petroleum Export Countries virtual meeting today, Saudi Arabia and Russia have struck a deal on a deep output cut.

The 9th (Extraordinary) #OPEC and non-OPEC Ministerial Meeting has started. The Meeting is being held via webinar in light of recent developments surrounding the #COVID-19 pandemic. pic.twitter.com/8s0KFYFya7

— OPEC (@OPECSecretariat) April 9, 2020

Online media understands that the virtual meeting started around 10:45 am ET, between OPEC and its allies, known as OPEC. At the meeting, Saudi, Russia agree to cut oil by 20 million barrel as the details of the new deal is still sketchy.

The meeting comes as relations between some of the world’s largest producers has grown fraught, and Saudi Arabia and Russia had previously signaled that any cut would need to include action from non-OPEC nations such as the U.S., Canada and Norway.