Nigeria’s Bonny Light price hits $74.38 per barrel

By Eyo Nsima

The price of Nigeria’s Bonny Light has risen to $74.38 per barrel as the Organization of Petroleum Exporting Countries, OPEC moves to achieve oil market stability.

The price of the oil grade has risen to $85 per barrel, dropped below $70, before leaping to the current price.

Recently, the 23rd OPEC and non-OPEC Ministerial Meeting (ONOMM), was held via videoconference, on Thursday, December 2, 2021. The Meeting remains in session.

In a statement obtained by The Daily, www.thedaily-ng.com, OPEC stated: “The meeting reaffirmed the continued commitment of the Participating Countries in the Declaration of Cooperation (DoC) to ensure a stable and balanced oil market. In view of current oil market fundamentals, the Meeting resolved to reaffirm the decision of the 10th ONOMM on April 12, 2020, and further endorsed in subsequent meetings including the 19th ONOMM on July 18, 2021.

“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 January 2022, as per the attached schedule.

“Agree that the meeting shall remain in session pending further developments of the pandemic and continue to monitor the market closely and make immediate adjustments if required.

“Extend the compensation period until the end of June 2022 as requested by some underperforming countries and request that underperforming countries submit their plans by December 17, 2021. Compensation plans should be submitted in accordance with the statement of the 15th ONOMM.

“Reiterate the critical importance of adhering to full conformity and to the compensation mechanism.

“Hold the 24th OPEC and non-OPEC Ministerial Meeting on January 4, 2022.”