[/color]READ ALSO:
[color=#000000] House of Reps push for fuel pump price at N70 per litre

The report said OPEC was proposing to set a new production ceiling at 32.5 million barrels per day from the current levels of 33.6 million.

Oil price goes up following a cut in production
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.

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