Saturday, July 31st, 2021

Oil Price Drop as Saudi Cuts down on Production

Oil price drop as Saudi Cuts down on production reports the Nigerian National Resource Charter (NNRC). And this also has affected China imports, causing a slowdown.

This was disclosed on the Nigerian National Resource Charter (NNRC) twitter handle @NigeriaNRC yesterday. In a tweet which reads thus; “Oil prices drop following Saudi cuts, China imports slowdown.”

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“Oil fell by more than 1% Monday after touching their lowest points since July as Saudi Arabia made most profound monthly price cuts for supply to Asia in 5 months and hopes about demand recovery faded amidst COVID-19.”

Nigerian National Resource Charter (NNRC) went further to give more details on the current oil price global situation.

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It revealed that Brent crude was at 41.99 United States Dollar, a barrel, down sixty-seven percent (67%) or 1.5% after earlier sliding to 41.51 United States Dollar, the lowest since July 30. United States West Texas intermediate crude slid by seventy percent (70%), or 1.76%, to 39.07 United States Dollar a barrel earlier dropping to 38.55 United States Dollar, the lowest since July 10.

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