July 15, 2024
OIL MARKET: Prices rise as OPEC+ announces 1.16 million bpd cut
BREAKING: Nigeria’s Bonny Light price hits $70.15 per barrel
– By Godswill Odiong

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By Eyo Nsima
Oil prices have risen to more than $80 per barrel as OPEC+ announced a surprise production cut of about 1.16 million barrels per day.

This has further increased the total OPEC+ cut to 3.66 million bpd in the past few months.

Consequently, the prices of many crudes, including Brent and Nigeria’s Bonny Light, which had hovered below $78 per barrel for weeks, hit the roofs at over $80 per barrel.

Expectedly, the United States has criticized the action, arguing that the cut was not in the best interest of the market, currently haunted by uncertainties.
.Details coming later

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