May 20, 2024
OIL MARKET: Prices surge over $94 per barrel on Saudi Arabia, Russia production cut
OIL MARKET: Prices surge over $94 per barrel on Saudi Arabia, Russia production cut
OIL MARKET: Prices surge over $94 per barrel on Saudi Arabia, Russia production cut
– By Ayomide Oginni

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OIL MARKET: Prices surge over $94 per barrel on Saudi Arabia, Russia production cut

 

 By Eyo Nsima

As Saudi Arabia and Russia remain committed to their oil output cut, the prices of some crudes have risen to more than $94 per barrel in the international market.

A market survey by The Daily, www.thdaily-ng.com, indicated that the price of the Organisation of Petroleum Exporting Countries, OPEC Basket rose to $94.09 per barrel, from $91.27 per barrel last week.

It also showed that the price of Murban crude rose to $95.05 per barrel, from $93 per barrel recorded last week.

Oil prices had risen to more than $90 per barrel in the global market, due to production cut by Saudi Arabia and Russia last week.

Specifically, the prices of Bonny Light, Brent and OPEC Basket rose to $90.88, $90.87 and $91.27 per barrel, respectively, from less than $90 per barrel recorded on Monday this week.

The current high prices, apparently the highest in 2023 would enable many oil and gas-producing nations to generate much revenue for the implementation of their projects and programmes.

. Details coming later

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