May 22, 2024
Price of Brent rises to $77.16 per barrel as OPEC, Non-OPEC ministers postpone the meeting
AFRICA: Algeria, Libya, Nigeria emerge top three in oil, gas activities
– By Alison_Godswill

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Price of Brent rises to $77.16 per barrel as OPEC, Non-OPEC ministers postpone the meeting

By Eyo Nsima

THE price of Brent has risen to $77.16 from $76.10 per barrel, in the international market, due to mainly the indefinite postponement of the Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC ministers meet.

In a statement obtained by The Daily, http://www.thedaily-ng.com, OPEC, stated: “Upon consultations with HRH Prince Abdul Aziz Bin Salman, Minister of Energy, Kingdom of Saudi Arabia, and HE Alexander Valentinovich Novak, Deputy Prime Minister of the Russian Federation, Chairman, and Co-chairman of the OPEC and non-OPEC Ministerial Meeting (ONOMM), the reconvened 18th ONOMM has been called off.

“The date of the next meeting will be decided in due course and we will inform you accordingly. On behalf of the Chairman and Co-chairman, we regret any inconvenience caused.”

Consequently, the prices of some crudes, including Brent and Bonny Light, rose to $77.16 and $74.12 per barrel respectively, thus indicating over $34 per barrel in excess of the $40 per barrel, which the nation’s 2021 budget was based.

However, speaking at the 181st Meeting of the OPEC Conference, July 1, 2021, via videoconference, Dr. Diamantino Pedro Azevedo, Angola’s Minister of Mineral Resources and Petroleum and President of the OPEC Conference, who painted a fairly good picture of the market, had said: “In the seven months since the last OPEC Conference, the global economy has shifted from reverse to forward gear.  Global growth is now expected at 5.5% this year – from a contraction of 3.4% in 2020.

“The outlook for worldwide oil demand is also moving in the right direction and is now on course to grow by 6 mb/d in 2021, after its turbulent 9.3 mb/d declines last year.  The latest OPEC Monthly Oil Market Report projects a strong rebound of oil demand in the second half of the year, putting us within striking distance of pre-pandemic levels in the fourth quarter.

“The story of this improving market outlook would not be complete without recognizing the leading role played by the Declaration of Cooperation.

“Today begins the third month of the step-by-step upward production adjustments the Participating Countries agreed to undertake at the start of April.”

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