Brent oil price increased by 1.25% to $73.25pb as OPEC holds its bi-annual meeting in Vienna. This is 4.2% lower than the average for May and June ($76.50pb). The cartel and other major producers including Russia have reached a preliminary agreement to boost production by 1 million bpd. The actual increase could be smaller as several OPEC members are unable to raise output.
Notwithstanding the outcome of this meeting, the current price level is dollar accretive to Nigeria.
The attached bulletin addresses these and other issues in the domestic and global commodities market.
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