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Crude oil price climbs over $101 per barrel again



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Between Tuesday and Sunday, the price of crude oil has hits interesting $101.16 per barrel from the earlier international market price of $100.

Marketers of Premium Motor Spirit otherwise known as petrol in Nigeria, however, maintained an increased pump price far above the approved price leading to public outcry by motorists.

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Industry figures seen on Sunday showed that Brent, the international benchmark for crude, moved up by $2.06 or 2.08 per cent to close at $101.16/barrel as at 6.36pm Nigerian time, but fell on Wednesday to $100 per barrel anyway.

The report showed that Brent dropped in price by $7.72 or 7.21 per cent to close at $99.38 per barrel as at 7.45pm Nigerian time last Tuesday, a development that persisted for most part of last week.

There are indications that fluctuation were as a result of the increase in crude oil production by Nigeria from 1.024 to 1.58m barrels per day which since approved by the Organisation of Oil Exporting Countries.

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.

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