Brent Crude Oil Sells Today for $83 per Barrel

Today, Brent crude oil reached $83 per barrel following the meeting of the Organization of Petroleum Exporting Countries (OPEC), as it holds today.

At around 7:47 AM, GMT+1, the review of global prices showed that Brent crude oil was selling for $83.60 per barrel.

According to research, this is the first time Brent crude oil has reached $83 following the warming up of crude oil producers towards the OPEC meeting scheduled today. However, the OPEC meeting was supposed to happen some days back.

Still, it was suspended due to the postponement of the meeting due to some African oil-producing countries (Nigeria and Angola) clamouring for increased production power.

Even with the move by some African oil-producing nations to show improved production capabilities, they still face heavy cuts in their production allocations. This has led to disputes and concerns about potential impacts on their oil industry investments.

From the recent happenings, Angola and Nigeria have been persuaded to agree to the terms of OPEC as of November 28, but even now, a consensus agreement has yet to be met.

At the beginning of this year, OPEC approved Nigeria to produce 1.78 million barrels per day, but the country has continued to face herculean challenges in its production quota. In September, Nigeria produced 1.5 million barrels per day, making it the highest the country has produced throughout 2023; this includes condensates.

According to Amena Bakr, the chief OPEC correspondent, there will be three online meetings today: an OPEC meeting, followed by the Joint Ministerial Monitoring Committee (JMMC), and then the OPEC-plus meeting, where the final decision will hopefully be made.

The OPEC meeting starts at 11 a.m. Vienna time. The JMMC is at 2:30 pm Vienna time. Meanwhile, the OPEC-Plus meeting is planned for 3:30 p.m. Vienna time.

Efforts the FG Is Putting in to Assist in the Crude Oil Production Quota

Nigeria has continued to push forward despite facing the challenges of not meeting the OPEC production quota for the year. The country plans to speak with potential and existing upstream investors and close the gap in which crude oil theft operates freely.

Last week, security operatives were able to arrest 35 suspects relating to oil bunkering. To increase the nation's crude oil production level, the government plans to resolve disputes between host communities as soon as they arise.