Crude Oil price rises up to $50 per barrel

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The Organisation of the Petroleum Exporting Countries (OPEC) has reportedly agreed to cut oil production for the first time since 2008 thus making the price of the product to skyrocket in the afternoon of Wednesday November 30
Reuters reports a source at the global organisation as revealing the news adding that the agreement was in line with an accord reached in Algiers in September. The report said OPEC was proposing to set a new production at 32.5 million barrels per day from the current levels of 33.6 million., Bloomberg also reports that the price of oil jumped 7.6 percent to $49.90 a barrel in London as 1:23 pm local time.

Also, Nigeria’s minister of state of Petroleum, Ibe Kachikwu, had hours ago, reportedly expressed fears of a crash in the price of oil.

But the good news for Nigeria could be hampered by militant activities in the Niger Delta region of the country. Different groups have continued to attack oil installations thus making the government lose millions of dollars.

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