May 24, 2024
MARKET UPDATE: Oil prices slide on EIA report as OPEC plans anniversary in Bagdad
OIL MARKET: Prices hit $86.55 per barrel on OPEC meeting
– By Alison Godswill

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MARKET UPDATE: Oil prices slide on EIA report as OPEC plans anniversary in Bagdad

By Eyo Nsima

Crude oil prices started to drop Wednesday, due mainly to the Energy Information Administration an estimated inventory build of 7.9 million barrels.

Traders considered the figure huge considering an inventory draw of half a million barrels for the previous week and an estimated build of over 1 million barrels for the week to June 9, 2023.

Consequently, the prices of many crudes, including Brent and WTI dropped to $73.89 and $69 per barrel, from $75 and $70 per barrel respectively.

This is even as the Organization of the Petroleum Exporting Countries (OPEC) has concluded plans to celebrate its Diamond Anniversary on Friday, 16 June 2023, in Baghdad, Iraq.

In a statement obtained by The Daily, www.thedaily-ng.com, OPEC, stated: “The celebration was originally scheduled for September 2020 in the Al-Shaab Hall in the Bab Al-Muaatham, the site of OPEC’s founding. However, it was postponed multiple times due to the COVID-19 pandemic and related impacts on health and travel.

HE Hayan Abdulghani Abdulzahra Alsawad, Iraq’s Deputy Prime Minister for Energy Affairs and Minister of Oil, said: “Iraq is proud of hosting this historic celebration. We look forward to welcoming all OPEC Member Countries and our partners in the Declaration of Cooperation to the highly anticipated event in Baghdad. It is time for the Organization to celebrate all the accomplishments it has achieved throughout the last six decades and more.”

HE Haitham Al Ghais, OPEC Secretary General, said: “The celebration will provide the entire OPEC Family with an opportunity to reflect on our exceptional history and celebrate our success, as well as to renew our commitment to the key principles that have underpinned the Organization’s work since foundation. Remembering our past can serve as an inspiration for achieving a bright and successful future.”

Iraq and the city of Baghdad, together with the OPEC Secretariat, have developed a full programme of festivities, including various cultural activities. The Government of Iraq has additionally renovated the Al-Shaab Hall in preparation for the celebration. More details will be provided in due course.

OPEC is an intergovernmental organization that was established at the historic Baghdad Conference held on 10-14 September 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Its membership has grown since then to 13 oil-producing countries.

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