Oil prices have risen above $73 dollar per barrel ahead of the crucial Organisation of Petroleum Exporting Countries (OPEC) meeting on Thursday.
Brent Crude price rose by 0.34 per cent to $73.96 per barrel as of 1:00 PM Nigerian time on Wednesday, according to prices seen by NewsNGR.
West Texas Intermediate Crude grade rose by 0.30 per cent to $70.24 per barrel.
Brass River grade rose by 1.66 per cent to $74.38 per barrel while Qua Iboe rose by 1.66 to $75.18 per barrel.
However, Bonny Light fell 2.30 per cent to $78.62 per barrel.
This comes as OPEC+ members will decide oil output for 2025.
Tension heightened after OPEC moved the December 1, 2024 57th Meeting of the Joint Ministerial Monitoring Committee (JMMC) to avoid conflicting with a Gulf Arab countries summit in Kuwait City.
The meeting was rescheduled to December 5, 2024.
Issues awaiting the committee include an output hike for the United Arab Emirates agreed in June this year that’s scheduled to start in January 2025, according to reports.
OPEC+ pumps about half the world’s oil. Russia, Iraq and Kazakhstan have repeatedly exceeded their OPEC+ production quotas.
This has caused tension within the cartel, leading them to submit compensation plans to the OPEC Secretariat.
OPEC+ is currently considering a gradual reintroduction of the 2.2 million barrels per day of voluntary cuts to the market starting January 2025.
There are also concerns around weak demand growth and production outside OPEC+ in 2025.