May 22, 2024
OIL MARKET: Price rises further to $62.43 per barrel
– By Alison Godswill

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OIL MARKET: Price rises further to $62.43 per barrel

By Alison Godswill

The price of crude oil has risen to $62.43 per barrel in the international market as the Organisation of Petroleum Exporting Countries, OPEC, continues to pursue its oil cut policy.

Specifically, the price of Brent, which had hovered at $61 in the past few days, rose further to $62.43 per barrel, Saturday, February 13, 2021.

Also, the price of OPEC Basket, Bonny Light, and the Urals also rose from over $50 to $60.54, $60.77, and $42.22 per barrel respectively.

The positive market situation was attributed to recent oil cut by some OPEC and Non-OPEC member states, including Iraq and Kazakhstan.

In a statement obtained by The Daily, www.thedaily-ng.com, OPEC stated: “Kazakhstan continues to demonstrate its full support for the decisions taken at OPEC and non-OPEC Ministerial Meetings (ONOMM), most recently the 13th ONOMM on 4/5 January 2021.

“Over past months, Kazakhstan has taken steps to not only realize full conformity to its production adjustment but also to compensate for overproduced volumes.  Its commitment to this process will continue in the coming months, as all Participating Countries in the Declaration of Cooperation (DoC) strive for a balanced market and much needed sustainable stability.”

It added: “Kazakhstan offers its continued full support to the DoC, will take further steps to compensate for overproduced volumes, and underlines the importance of fairness and equitability in the DoC.”

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