The Crude oil prices recorded the highest growth since the inception of COVID-19 pandemic at over $42 per barrel as the world’s major oil producers (OPEC) agreed to extend the record oil production cuts.
Naija News Understands that the unprecedented surge in the crude oil prices keeps improving since the Organisation of the Petroleum Exporting Countries (OPEC), Russia and allies, collectively known as OPEC+, agreed in April to cut supply by 9.7 million barrels per day (BPD).
However, on Saturday, OPEC+ agreed to extend the deal to withdraw almost 10 per cent of global supplies from the market by a third month to end-July.
Meanwhile, the unprecedented surge is good news to the Federal government of Nigeria with its resultant positive impact on the country’s economy as the Brent crude was up 51 cents, or 1.2 per cent, at $42.81 per barrel, by 0628 GMT, while U.S. West Texas Intermediate (WTI) crude rose 32 cents, or 0.8 per cent, to $39.87 a barrel.
Source: Naija News