Oil price rises to $60.5, Nigeria, others meet

The price of Brent, which is the crude Nigeria’s oil is priced, appreciated on Sunday to $60.51 per barrel.

This came as Nigeria’s team met with leaders of crude oil producing nations in Africa to ensure they derived maximum benefits from hydrocarbon deposits in their respective countries.

Last week, Brent recorded daily consecutive fall in price, as it hovered around $57 and $58 per barrel.

But international crude oil prices obtained by our correspondent on Sunday showed that the commodity moved up marginally, appreciating by $1.41 when compared to what it sold for the preceding day.

It was also observed that crude oil in the Organisation of Petroleum Exporting Countries basket moved up in price on Sunday.

Figures showed that OPEC basket crude increased by $0.06 to close at $58.71 per barrel on Sunday.

Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva, visited Angola, Gabon and South Sudan.

Sylva, who doubles as President of the African Petroleum Producers Organisation, visited the African oil producing nations that are also signatories to the Organisation of the Petroleum Exporting Countries Declaration of Cooperation Agreement, according to a statement issued by the Nigerian National Petroleum Corporation on Sunday in Abuja.

He reportedly discussed issues that had to do with compliance ahead of the next Joint Ministerial Meeting Committee of OPEC and non-OPEC countries in Vienna, Austria in December.

The minister stated that as a member of international energy groups such as the OPEC and APPO, Nigeria needed to further deepen its collaboration with fellow African nations so as to grow the continent’s oil industry.
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