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”.
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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.
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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.
