Oil Prices Plummet to $58, Lowest in Four Years Amid Oversupply Concerns

Global oil prices dropped to $58 a barrel, the lowest since February 2021, driven by worries of oversupply and hopes for a Russia-Ukraine peace agreement. Analysts predict Brent crude to average $65 per barrel in 2026.

OPEC has maintained supply discipline, with Nigeria's crude oil output reaching 1.43 million barrels per day in November. The decline in oil prices adds pressure on oil-dependent economies like Nigeria, impacting government revenue and foreign exchange earnings.