the price of oil has been benchmarked in Nigeria.
Brent crude has drastically increased to $85 per barrel in the international market, as governments ease COVID-19 restrictions and world wide vaccination campaigns pick up pace. OPEC oil cartel, has also been effecting production cuts as an effective price control mechanism.
The Spectator Index made it known to the public that this is the highest crude oil has been traded in the last seven years.
Oil traded for record went low at the height of the COVID-19 pandemic in April, 2020, with oil-based economies like Nigeria as a whole wailing at difficulties in funding the national budget.
The President Muhammadu Buhari has repeatedly complained that he has not been able to do much since he won a first term in office in 2015, because of low prices in oil.
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