OPEC+ adds another 400,000 barrels per day to its total oil quota for Nigeria, others’ February loading
Brent crude has climbed 1.09 percent to $80.07 a barrel — the highest since November 2021.
Platforms Africa reports that this is coming as the Organisation of Petroleum Exporting Countries (OPEC) and its allies known as OPEC+ decided to add another 400,000 barrels per day to its total oil production in February.
Data compiled by Platforms Africa showed that the quota surge amounts to 11.2 million barrels in the 28 days of February.
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The commodity has begun the new year trading with gains, selling around $76 per barrel on Monday, 2022 first day of transactions at the International market.
Analysts have, based on this, established a link between the price surge, the Omicron variat spread and stability and smooth transition at OPEC, a cartel which announced a new scribe on Monday.
The cartel voted to appoint Haitham al-Ghais, former Kuwait’s OPEC governor as its new secretary general, Platforms Africa has reliably learnt.
He will replace Sanusi Barkindo, a Nigerian representative at OPEC, who has, for years, held sway as the scribe of the cartel.
In a congratulatory letter obtained by Platforms Africa, Mohammad Barkindo, the secretary general said he believes the global oil market is in very capable hands with the appointment.
“From my time working collaboratively with you as Kuwait’s OPEC Governor, I know you have a great understanding of the organs and internal workings of the Organization.
“This will stand you in good stead and will be a great knowledge platform for when you assume the Secretary General’s responsibilities.
“However, I personally recall the challenges of those first few months and the
benefits of advice and guidance I accrued from previous Secretaries General, as
well as past and active Ministers, and with this in mind, I stand ready to be of any
help to you as and when necessary,” he said
