By Eyo Nsima

The price of Bonny Light, Nigeria’s premium oil grade, has risen to $91.08, from $90.38, recorded early this week in the international market.

The leap in the price of the crude and other crudes was attributed to dwindling inventories around the world as some members of the Organisation of Petroleum Exporting Countries, including Nigeria failed to meet their production quota.

Meanwhile, ‘’following the conclusion of the 25th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference on Wednesday, 2 February 2022, and in view of current oil market fundamentals and the consensus on the outlook, the OPEC and participating non-OPEC oil-producing countries in the Declaration of Cooperation (DoC) decided to reaffirm the decision of the 10th OPEC and non-OPEC Ministerial meeting on 12 April 2020 and further endorsed in subsequent meetings, including the 19th ONOMM on 18 July 2021.”

The ONOMM also, “Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of March 2022, as per the attached schedule.

“Reiterate the critical importance of adhering to full conformity and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of June 2022.
Compensation plans should be submitted in accordance with the statement of the 15th ONOMM.”

It also decided to hold the 26th ONOMM on March 2, 2022.