May 30, 2024
BREAKING: Bonny Light price drops to $69.40
Nigeria’s Bonny Light price hits $74.38 per barrel
– By Alison_Godswill

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BREAKING: Bonny Light price drops to $69.40

By Eyo Nsima

The price of Nigeria’s Bonny Light has dropped to $69.40 per barrel as the Coronavirus pandemic resurges in different parts of the world.

The price of the crude had risen to $75 per barrel a few weeks ago before sliding to the present level.

However, the Organisation of Petroleum Exporting Countries, OPEC, said the global oil market is still faced with some uncertainties.

In its latest 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. F

“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.”

It added: “Economic activities are still projected to gain traction, supported by massive stimulus packages. 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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