May 24, 2024
JUST IN: Bonny Light price surges to $67.25 per barrel
MARKET UPDATE: Oil Prices drop to $72.99 per barrel in early morning trading
– By Alison_Godswill

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JUST IN: Bonny Light price surges to $67.25 per barrel

By Eyo Nsima

The price of Nigeria’s Bonny Light has risen slightly to $67.25 in the global market despite the resurgence of the Coronavirus pandemic in different parts of the world.

The price of the crude had dropped to $64 last week as concerns mounted over the spread of the pandemic, expected to reduce oil demand globally.

However, the Organisation of Petroleum Exporting Countries, OPEC, remained cautiously optimistic that the volatile market would remain relatively stable in the coming months.

In its August 2021 Oil Market Report, obtained by The Daily, www.thedaily-ng.com, OPEC, stated: “World oil demand growth expectations for 2021 remained unchanged from the previous month’s assessment. This is despite the above slight upward revision to economic growth, as the upwardly revised increment of the economic recovery, is projected to be mainly in non-oil-intensive sectors.

“Oil demand is still estimated to increase by around 6.0 mb/d to average 96.6 mb/d. However, some revisions were taken into account in 1Q21 due to slower-than-anticipated demand in OECD Americas, offset by better-than-expected data from non-OECD countries in 2Q21.

“For 2022, world oil demand is still projected to increase by 3.3 mb/d y-o-y, unchanged from last month’s assessment. Total world oil demand is projected to surpass the 100 mb/d thresholds in 2H22 and reach 99.9 mb/d on average for the whole of 2022. Economic activities are still projected to gain traction, supported by massive stimulus packages.”

It added: “Additionally, the COVID-19 pandemic is anticipated to be controlled by vaccination programs and improved treatment, resulting in a further recovery in economic activity and a steady rise in oil demand in both the OECD and non-OECD.”

 

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