Monday saw an increase above $81 in the prices of oil, even as the Organisation of Petroleum Exporting Countries (OPEC) and its allies announced that it would increase output by 400,000 barrels per day in November. This would be its highest output since 2014.
OPEC added that there had been a slip in the production of Nigeria’s crude oil by about 130,000 barrels per day in the third quarter of the year. 
According to reports from Oilprice.com, the International Crude Oil Benchmark, Brent traded 2.75 per cent higher at $81.46 per barrel as of 3:43 pm Nigerian time on Monday, after the announcement by the Joint Ministerial Monitoring Committee. 
A report by Bloomberg added that the meeting would be followed by a full ministerial gathering to review the recommendation.
According to OPEC’s monthly oil market report, Nigeria’s oil output dropped by 9.28 per cent in Q3 2021 as average daily production dropped from 1.40 million barrels in June to 1.27 million barrels in August.
The average daily production in July was 1.39 million barrels per day. This showed that despite the rise in oil prices during the period, Nigerian production kept declining.
The Minister of State for Petroleum, Timipre Sylva, in September while at a conference in Dubai had earlier attributed Nigeria’s production struggles to technical issues rising from re-tapping reservoirs that were earlier shut to comply with stringent cuts from OPEC.