In a significant market development, oil prices have dropped to $65 per barrel from nearly $70, following OPEC’s decision to increase oil output by 410,000 barrels per day starting May 2025. This substantial increase—triple the originally planned 135,000 barrels—is expected to bring relief to consumers globally, particularly in import-dependent nations like Nigeria.
“The eight participating countries will implement a production adjustment of 411 thousand barrels per day, equivalent to three monthly increments, in May 2025,” OPEC stated in its latest report, noting that “the gradual increases may be paused or reversed subject to evolving market conditions.”
Industry analysts attribute the sharp price decline to both OPEC’s output decision and U.S. President Donald Trump’s announcement of sweeping new tariffs, creating downward pressure on global commodity markets.
Source: vanguardngr.com
