Millions of Nigerians will receive this news with mixed feelings as oil price has risen to $71.28 per barrel in the international market for the first time in 2021
This is coming on the heels of last Thursday’s meeting where the Organisation of Petroleum Exporting Countries (OPEC) and other members resisted the pressure to increase production.
Before Thursday’s meeting, Brent oil was up $1.28, or two per cent, to $63.98 a barrel by 1050 GMT on Wednesday.
Norbert Rücker, an analyst at Swiss bank Julius Baer, on Wednesday, revealed that oil prices might push above $70 before mid-year.
“We see oil prices pushing temporarily above $70 by mid-year,” Baer said.