May 21, 2024
MARKET UPDATE: Oil prices drop after OPEC+ meeting, cut
BREAKING: Nigeria’s Bonny Light price hits $70.15 per barrel
– By Godswill Odiong

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By Eyo Nsima
Barely 24 hours after the decision of the Organisation of Petroleum Exporting Countries and its allies, popularly known as OPEC+ to cut output by about 800,000 barrels per day, bpd had propelled the price of Brent and others to over $77 per barrel, the market watchers wake up Tuesday to witness a major lull.

Oil prices have dropped again to almost their pre-OPEC+ meeting levels as WTI and Brent currently attract $70.47 and $75.10 per barrel respectively.

Checks by The Daily, www.thedaily-ng.comindicated that authorities in OPEC-member states are seriously worried while counterparts in the consuming countries seem delighted, especially since they would not need to increase their energy consumption budgets.

.Details coming later

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