Despite the United States-led coalition’s strategy to cool oil prices, the market remained steady yesterday, with Brent, Nigeria’s benchmark oil, still above $80 per barrel.
The United States and other high oil-consuming nations, including China, Britain, India, Japan and South Korea, had on Tuesday made good their threat to counter a slower-than-expected release of oil barrels by OPEC in a coordinated bid to reduce rising crude prices. OPEC has been struggling to meet existing targets under its agreement to gradually increase production by 400,000 barrels per day each month – a pace Washington sees as too slow.
OPEC members the United Arab Emirates and Kuwait said they were fully committed to the OPEC+ agreement and had no prior stance ahead of next week’s meeting. Nigeria, a strong member of the organisation has always aligned with the decision of the majority.
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