Dec 1 (Lagos) - Crude oil prices declined against analyst expectations after the OPEC+ meeting ended with production cuts below what was expected by those analysts.
OPEC+ members which include Russia agreed to cut production by 1 million barrels per day.
Nigeria's bonny light was down almost 2% to $80.18 per barrel. Surprisingly Brent oil was higher than Bonny light at $80.41 per barrel in London at the time of writing this article. WTI crude oil futures were lower by 50 basis points at $75.59 per barrel in New York.
That is an anomaly because Nigeria's crude oil usually sells at a Premium when compared with Brent crude. Perhaps more aggressive selling took place which would explain that anomaly but it is purely speculation at this point.
However, the Bras River crude and Qua Iboe crude were higher by more than 2% in yesterday's trading both around the $85 a barrel mark.
reporting for easykobo.com on Friday, Dec 1 2023 from Lagos, Nigeria