• Why crude oil prices are rising – OPEC explains

    Why crude oil prices are rising – OPEC explains

    The Organisation of Petroleum Corporation (OPEC) has attributed the increase in crude oil prices to supply disruptions in Nigeria and Iraq, and signs that US shale oil output is shrinking.

    OPEC said that US refiners were providing support, with utilization above 89 per cent, as plants returned from maintenance ready to meet buoyant gasoline demand.

    Besides, Nigeria’s crude oil production has declined by 67,500 barrels per day in March to 1.67 million barrels per day.

    The country had earlier recorded 1.74 million barrels […]