The price of Nigeria’s Bonny Light has risen further to $62.51 in the international market as the Organisation of Petroleum Exporting Countries, OPEC, and partners, continue in their oil cut deal.

The rise in price means that Nigeria, currently over-depending on crude oil production and export will be in a better position to fund its 2021 budget, which was benchmarked on $40 per barrel and 1.8 million barrels per day, bp/d.

However, the prices of other crudes, especially Brent, and OPEC Basket also increased from over $58 to $63.60 and $60.54 per barrel respectively.

Nevertheless, oil prices might continue to rise in the coming weeks because of wide-spread speculation of the oil cut, currently embarked executed by some nations, especially Iraq and Kazakhstan.

In a recent statement obtained by The Daily, www.thedaily-ng.com, OPEC, had stated: “Kazakhstan continues to demonstrate its full support for the decisions taken at OPEC and non-OPEC Ministerial Meetings (ONOMM), most recently the 13th ONOMM on 4/5 January 2021.

“Over past months, Kazakhstan has taken steps to not only realize full conformity to its production adjustment but also to compensate for overproduced volumes. Its commitment to this process will continue in the coming months, as all Participating Countries in the Declaration of Cooperation (DoC) strive for a balanced market and much needed sustainable stability. Kazakhstan offers its continued full support to the DoC, will take further steps to compensate for overproduced volumes, and underlines the importance of fairness and equitability in the DoC.”