The deadlock might be a blessing to Nigeria that is already backing an easing of output cuts by the producer group to push prices lower and more affordable for key consumers. The Group Managing Director of Nigerian National Petroleum Corporation (NNPC) Mele Kyari, had said that oil prices were “very high” and hadstarted to constrain both producers and consumers. xOil prices have risen more than 50 per cent in 2021, amid a recovery in demand buoyed by vaccine rollouts and OPEC+ supply discipline. Kyari said the rise in oil prices was hurting Nigeria, which relies heavily on fuel imports for its needs. However, the oil production levels of the OPEC will remain unchanged for the time being, according to the delegates.

Source: The Guardian July 06, 2021 04:30 UTC