Nigeria: Crude Oil Price Drops to $73 Amid Tight Supply, Outages

17 July 2018

Barely a few days after crude oil price surged towards $80 per barrel, following the shut down of one oilfield in Norway and Libya reduced production by more than a half, the price slipped on Monday to $73 per barrel as Libyan ports reopened, while traders eyed potential supply increases by Russia and other oil producers.

The disruptions of crude oil production in Libya and Norway had added to the supply worries around the world.

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