Crude oil price fell to $58 a barrel for the first time since February 2021.
Brent crude, the global oil price, fell by 2.86 percent to $58.83 per barrel at 22.30 WAT, while US West Texas Intermediate fell by 2.88 percent to $55.04 per barrel on Tuesday.
According to Reuters, the development follows persistent concerns over oversupply and as hopes for a Russia-Ukraine peace deal grow — raising expectations that sanctions might be eased.
The report noted that Barclays analysts expect Brent to average $65 per barrel in 2026, “slightly ahead of the forward curve due to the expected 1.9 million bpd surplus they see as being priced in already”.
On November 30, the Organisation of Petroleum Exporting Countries (OPEC) maintained Nigeria’s oil production quota of 1.5 million barrels per day (bpd) to December 2026.
Additionally, OPEC said eight participating countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — reaffirmed their decision to pause production increments in January, February, and March 2026 “due to seasonality”.
On December 12, OPEC said Nigeria’s crude oil production increased to a new level in November, but remains below the country’s assigned quota.
The oil alliance said production figure increased to 1.43 million bpd in November — the highest in three months.
Earlier, the senate approved a downward review of the crude oil benchmark price for 2026 to $60 per barrel, from $64.85.
