OPEC
weekly basket price declined by 2.4 percent to $42.68/barrel on September 16,
2016. This was triggered by a rise in US oil reserve, amid an
outlook on weak global oil demand. Similarly, provisional data by
OPEC reveals a steady decline in Nigerias crude oil production. Notably, production
declined by 3.4 percent to 1.47 mbd in August, 2016.