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    Only 23% of Nigerians trust INEC- Report says

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    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

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    OPEC+ agrees to increase oil production for September

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    Federal Government approves 30-year concession for Enugu Airport

    Only 23% of Nigerians trust INEC- Report says

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    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

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    United States scraps visa dropbox service for Nigerian applicants

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    Buhari says Nigeria security and economy improved during his tenure

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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Home Markets Commodities

Oil price rises as OPEC+ fails to agree a deal

Tuesday, 6 July 2021, 7:02 am
in Commodities, Markets
0
Brent rises to near $60 per barrel, lifted by supply cuts
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Oil is on the rise as a bitter dispute between Saudi Arabia and UAE has stalled an OPEC+ plan to raise output.

OPEC+ left its meeting without a deal on Monday, leaving the market with tight supply amid rising demand.

Brent Crude is up 1.64% trading at $77.42 per barrel at 05:39GMT on Tuesday while Western Texas Intermediate (WTI) is up 2.01% trading at $76.69 per barrel.

Nigerian Bonny Light traded at $74.16 per barrel.

The meeting earlier scheduled on July 1 extended into several days of tense talks to reach an agreement. The oil cartel was close to agreeing to a plan to add back 2 million barrels per day (bpd) in the second half of the year.

The proposal which was backed by Saudi Arabia and Russia was for the producer group to add back 400,000 bpd each month from August through December 2021. The plan would also extend the expiry of its deal from April to December 2022.

However, UAE wanted a revision of the baseline for the current deal to December 2022 in order to be able to raise output, which Saudi opposed. The UAE also said that it would accept the increase in output without the extension of the deal.

  • Read also: Communique issued by the Southern Governors Forum after the meeting in Lagos
  • Southern Governors Forum set date for ‘promulgation’ of the anti open grazing law in all member states

The UAE says its current level, set at about 3.2 million barrels a day in April 2020, is too low and says it should be 3.8 million when the deal is extended into 2022.

“We have to extend,” Saudi Energy Minister Prince Abdulaziz bin Salman said in an interview with Bloomberg Television on Sunday night. “The extension puts lots of people in their comfort zone.”

Following the crash in oil prices last year due to the Covid-19 pandemic, OPEC+ had last year agreed to cut output by almost 10 million bpd from May 2020, with plans to phase out the curbs by the end of April 2022. Cuts now stand at about 5.8 million bpd.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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