Crude oil now sells for at least sixty one dollars a barrel. A reality, that could aid producers who are dependent on the commodity like Nigeria. Nigeria’s budget bench for 2017 was pegged at $44.58 a barrel.
The rise in price is highest since the middle of 2015 and was the result of the an agreement between members of the Organisation of Petroleum Exporting Countries, Russia and other exporters to hold back almost 2 million bpd in oil production to tighten markets.
Due to the OPEC agreement, demand rose to 92 percent from September’s 86 percent. The cartel will next meet at its headquarters in Vienna on November 30.