OPEC postpones production increase   


Nov 17 (Lagos) - Indeed the OPEC meeting this week concluded with a 3 month extension to the production increase deadline after The Joint Technical Committee of the Organization of Petroleum Exporting Countries had indicate that the Group was willing to postpone the 2 million barrel per day increase in production as scheduled for early 2021. 


While E.U nations grapple with lockdowns, demand for crude oil is beginning to bounce back from China and India, two biggest consumers of OPEC's crude oil. 


New York traded crude oil (NYMEX) rose by 0.75% to $ 41.65 per barrel at the time of writing this article while Brent crude was up almost 1% to $44.23 per barrel in London.


Nigeria's bonny light up trading at $43.83 per barrel on Monday morning. The Nigerian economy has been left devastated by the fall in crude oil prices over the last six years. Successive failures to save forex and plan for alternative sources of foreign income have led to massive amounts of borrowing, frequent currency devaluations, raging food and consumer inflation and an angry population. 




reporting for easykobo.com on Tuesday, Nov 17 2020 from Lagos, Nigeria


Source - oilprice.com website for prices 
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