{"id":87355,"date":"2021-09-28T16:27:54","date_gmt":"2021-09-28T15:27:54","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=87355"},"modified":"2021-09-28T16:27:54","modified_gmt":"2021-09-28T15:27:54","slug":"oil-price-tops-80-per-barrel-for-first-time-in-three-years","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/09\/28\/oil-price-tops-80-per-barrel-for-first-time-in-three-years\/","title":{"rendered":"Oil price tops $80 per barrel for first time in three years"},"content":{"rendered":"<p>Reports have revealed that oil prices continued to surge as Brent crude, global oil benchmark climbed a three-year high amid increasing demand for the commodity.<\/p>\n<p>Brent crude as at 11:25 am Tuesday climbed 0.86 percent to $80.22 a barrel &#8211; the highest since October 2018.<\/p>\n<p><span data-preserver-spaces=\"true\">U.S. West Texas Intermediate (WTI) crude futures also witnessed a corresponding increase of 1.05 percent to $76.24 a barrel.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On Monday, Goldman Sachs raised its year-end forecast for Brent to $90 per barrel from $80.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Analysts said the surge in natural gas prices supported crude rally on expectations that spillover demand will benefit oil as users seek alternatives.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cOil demand could pick up by an additional 0.5 million barrels per day, or 0.5 per cent of global oil supply, as high gas prices force a switch from gas to oil consumption,\u201d Vivek Dhar, Commonwealth Bank commodities analyst, told Reuters.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The rise in crude oil price may mean more revenue for Nigeria but the country&#8217;s subsidy shortfall payments may erode the opportunity.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Nigeria, one of Africa\u2019s top producers, is struggling to boost output to the quota set by the Organisation of Petroleum Exporting Countries <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/08\/12\/us-calls-on-opec-to-increase-production-to-crash-oil-prices\/\">(OPEC)<\/a> to keep up with increasing global demand.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Mele Kyari, group managing director of the Nigerian National Petroleum Corporation (<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/nnpcgroup.com\/Pages\/Home.aspx\" target=\"_blank\" rel=\"noopener\"><strong><span data-preserver-spaces=\"true\">NNPC<\/span><\/strong><\/a><span data-preserver-spaces=\"true\">), had said that Nigeria\u2019s underperformance in the last few months concerning the quota allocated by OPEC would be halted by the end of October this year or mid-November.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cFrom everything we\u2019re doing, we\u2019ll get back to the OPEC level, probably, by the end of October and maximum middle of November. We\u2019re not far from that,\u201d he had said.<\/span><\/p>\n<p class=\"caps\">In August, Nigeria\u2019s oil production dropped to an average of 1.23 million barrels per day, the lowest figure recorded yet in 2021, according to data from the Department of Petroleum Resources (DPR).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reports have revealed that oil prices continued to surge as Brent crude, global oil benchmark climbed a three-year high amid increasing demand for the commodity. Brent crude as at 11:25 am Tuesday climbed 0.86 percent to $80.22 a barrel &#8211; the highest since October 2018. U.S. West Texas Intermediate (WTI) crude futures also witnessed a [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":87363,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[15556,15846,1193,18807,18808],"class_list":["post-87355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-brent-crude","tag-crudeoil","tag-nnpc","tag-oil-barrel","tag-u-s-west-texas-intermediate-wti"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Oil price tops $80 per barrel for first time in three years<\/title>\n<meta name=\"description\" content=\"Reports have revealed 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