May 21, 2024
OIL MARKET: Prices rise over $75 per barrel as OPEC+ meeting begins soon in Vienna
OPEC, WAM sign deal on 8th OPEC International Seminar in Vienna
– By Alison Godswill

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OIL MARKET: Prices rise over $75 per barrel as OPEC+ meeting begins soon in Vienna

By Eyo Nsima

The prices of many crudes have risen over $75 per barrel in the global market as the Organisation of Petroleum Exporting Countries, OPEC, and its allies, popularly known as OPEC+ plan to hold a crucial meeting.

The oil prices had hovered below $74 per barrel in the past few weeks because of speculation over supplies and the relatively weak economies of consuming nations.

But checks by The Daily, www.thedaily-ng.com, indicated that the prices of Brent, Bonny Light and Murban crude currently stand at $76.13, $75.19, and $75.51 per barrel respectively.

According to OPEC, “the 186th Meeting of the OPEC Conference, planned for 3 June, has been rescheduled and will now start at 13:00 (CET).”

Also, OPEC that has been working with others to achieve stability in the oil market under its Declaration of Cooperation (DoC), maintained that, “The 49th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 35th OPEC and non-OPEC Ministerial Meeting, convening on 4 June, have also been rescheduled and are now slated to begin at 11:00 (CET) and 12:00 (CET), respectively.”

While some believe that the meeting will culminate in the further cut of oil supplies, others believe that further oil cuts will not be required at this time.

In a recent statement, OPEC had stated that, “The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), HE Haitham Al Ghais, underscored the positive contributions made by OPEC Member Countries and non-OPEC oil-producing countries participating in the Declaration of Cooperation (DoC) to support sustainable stability in the global oil market.

“The Secretary General made these remarks on Tuesday, 30 May 2023, during the 139th Meeting of OPEC’s Economic Commission Board (ECB). The meeting is planned for two days: 30-31 May 2023.

“The Secretary General also stated that “this group of countries has when required, undertaken extraordinary efforts to stabilize the oil market in these extraordinary times, in the interests of producers, consumers, the oil industry and the wider global economy.”

“While highlighting the investment challenges facing the oil industry, the OPEC Secretary General noted that “underinvestment has resulted in shrinking spare capacity, production constraints and reduced refinery output at a time when demand for crude and oil products continues to rise.”

“All industry policymakers and stakeholders need to work together to ensure a long-term investment-friendly climate, with sufficient finance available. One that works for producers and consumers, and developed and developing countries,” Al Ghais said.

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