$100 Per Barrel
OpenLife Nigeria reports that as the Pentagon moves up to eight F-35 fighter jets and a slew of other warplanes to Eastern Europe, the Baltics and Poland to shore up support for NATO allies following the beginning of Russia’s invasion of Ukraine, Nigeria and other major oil producing countries are currently smiling to the bank over the astronomical rise of oil price in the international market.
The Pentagon is the headquarters building of the United States Department of Defence, constructed on an accelerated schedule during World War II.
As the moment, the price of crude oil (Brent) has hit the roof Oil at $100 per barrel in the international market, due mainly to the ongoing Ukraine crisis.
The price of oil had been predicted to rise to $100 per barrel because of a sustainable increase in demand after the Coronavirus pandemic lockdown, but it did not.
However, a few minutes ago, the price of Brent, usually utilised to benchmark other prices, rose to $103.33 per barrel, from $96 per barrel, in the global market.
Nevertheless, there were indications that the prices of other crudes, including Nigeria’s Bonny Light, currently hovering at $96.60 per barrel, will continue to rise.
Earlier, President Muhammadu Buhari signed N17.13 trillion 2022 appropriation bill into law with oil benchmark pegged at $62 per barrel and daily oil production at 1.88 million barrels .
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