By Eyo Nsima

The prices of crude oil have bounced back in the international market, hitting over $72 per barrel, as Arabian Gulf Oil Company, AGOCO, a subsidiary of Libya’s National Oil Corporation (NOC), suspends the production of 1.2 million barrels per day, BPD.

Before the suspension, AGOCO had given indication that it would stop operations because of lack of funds, due to budget delays and non-release of funds for the maintenance of facilities.

Consequently, oil prices, which are also influenced by the improvement made in the Coronavirus pandemic response, shoot up prices from over $64 to the current level.

Specifically, the prices of crudes, especially Brent and Bonny Light, rose to $72.70 and $70.02 per barrel respectively.

.Details coming later