Crude oil hits two year high at over $70 per barrel

Crude oil price opened the week on Monday trading at $70 per barrel more than two percent it traded on Friday following reports of attacks on Saudi Arabian facilities.

This is the first time since 2019; the price of oil has went past the $70 mark. The last time was in May 2019 according to data from oil price.

However, worries remained that higher prices could mean some Organization of Petroleum Exporting Countries (OPEC) members will want to pump.

Read also: Naira gains N4.50 against the dollar as crude oil prices soar

The Organization of Petroleum Exporting Countries and its allies including Russia had been debating whether to restore as much as 1.5 million barrels a day of output.

Nevertheless, with the oil pricing rising above record level, this could mean more income for Nigeria at least for the near term.

Nigeria’s 2021 approved budget oil prices benchmark is $40 a barrel and 1.86 million barrels a day of crude production.

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