May 27, 2024
Nigeria’s Bonny Light price hits $65.01 per day — OPEC
BREAKING: Nigeria’s Bonny Light price hits $70.15 per barrel
– By Alison_Godswill

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

Nigeria’s Bonny Light price hits $65.01 per day — OPEC

By Eyo Nsima
 
The price of Nigeria’s Bonny Light has risen further to $65.01 per barrel, according to the Organisation of Petroleum Exporting Countries, OPEC, Monthly Oil Market Report, MOMR, April 13, 2021.

Before the report, the price of the crude had hovered at $61.50 per barrel because of the prolonged Coronavirus pandemic, which discouraged increased use of oil.

But the current MOMR, stated: “For 2021, additional US stimulus measures and accelerating recovery in Asian economies are expected to continue supporting the global economic growth forecast, which is now revised up to 5.4%.

“However, this forecast remains clouded by uncertainties, including, but not limited to, the spread of COVID-19 variants and the speed of the vaccine rollout. In addition, sovereign debt levels in many regions, inflationary pressures, and central bank responses are key factors to monitor.

“After a contraction of 3.5% in 2020, US economic growth in 2021 is now expected to reach 5.7%. The Gross Domestic Product, GDP growth forecast for the Euro-zone in 2021 remains at 4.3%, which follows a contraction of 6.8% last year. Japan’s GDP growth forecast remains at 3.1% for 2021, after a contraction of 4.9% in 2020.

“Following growth of 2.3% in 2020, China’s GDP is forecast to increase by 8.4% in 2021. India’s 2021 GDP growth forecast is revised up to 9.8%, compared to a contraction of 7% in 2020. Brazil’s growth forecast remains unchanged at 3.0%, with government estimates showing Brazil’s economy contracted by 4.1% in 2020. Russia’s growth forecast for 2021 remains at 3%, after contracting by 3.1% in 2020. The global oil demand contraction in 2020 is revised lower by about 0.1 mb/d compared to last month’s MOMR, now showing a contraction of about 9.5 mb/d y-o-y, with total world oil demand at 90.5 mb/d.”

it added: “In 2021, world oil demand growth is expected to increase by about 6.0 mb/d y-o-y, representing an upward revision of about 0.1 mb/d from last month’s report. Indeed, oil demand in the 2H21 is projected to be positively impacted by a stronger economic rebound than assumed last month, supported by stimulus programmes and a further easing of COVID-19 lockdown measures, amid an acceleration in the vaccination rollout, largely in the OECD region.”

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

Copyright @ TheDaily. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheDaily

Leave a Comment

Your email address will not be published. Required fields are marked *

📰 Subscribe to our Newsletter

Scroll to Top