By Eyo Nsima
The price of nation’s Bonny Light and others have risen to over $72 per barrel in the international market folowing the laatest report of the over the International Energy Agency, IEA.
According to the report, there would be a strong rebound in global oil demand from October, 2021, especially because of a destructive storm in the United States Gulf area.
Consequently, the prices of many crudes such as Brent, Louisiana Light and OPEC Basket rose significantly in the market.
The report, stated: “Strong pent-up demand and continued progress in vaccination programmes should underpin a robust rebound from 4Q21.”
Earlier, However, the Organisation of Petroleum Exporting Countries, OPEC, had also stated: “Global economic growth forecasts for both 2021 and 2022 remain unchanged from the last month’s assessment at 5.6% and 4.2% respectively.
“However, this robust growth continues to be challenged by uncertainties such as the spread of COVID-19 variants and pace of vaccine rollouts worldwide, as well as ongoing global supply-chain disruptions.
“Additionally, sovereign debt levels in many regions, together with inflationary pressures and central bank responses, remain key factors requiring close monitoring. In the current recovery, the US economy forecasts are unchanged at 6.1% for 2021 and 4.1% for 2022. Euro-zone economic growth remains at 4.7% for 2021 and 3.8% for 2022.
“World oil demand growth in 2021 remains unchanged from last month’s assessment, showing growth of 6.0 mb/d despite some offsetting revisions. Oil demand in 3Q21 has proved to be resilient, supported by rising mobility and travelling activities.”
