The Price of Nigeria’s premium crude oil grade, Bonny Light, has surged to $54.11 per barrel, apparently the highest in 2021.
The new price is an excess of $14 per barrel when compared to the $40 per barrel benchmark of the nation’s 2021 budget.
This came as the Organisation of Petroleum Exporting Countries, OPEC, and others pressed for stability in the market.
OPEC, which concluded its 13th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, January 5, 2021, called for the cooperation of all stakeholders in order to achieve stability.
In a statement obtained sent to Platforms Africa, OPEC stated: “The Meeting, which reconvened following an initial round of discussions on 4 January, reaffirmed the continued commitment of the participating countries in the Declaration of Cooperation (DoC) to a stable market in the mutual interest of producing nations; the efficient, economic and secure supply to consumers; and a fair return on invested capital.
‘’In addition, the Meeting recalled the decision taken by all DoC participating countries at the 10th (Extraordinary) ONOMM on April 12,2020 to adjust downwards overall crude oil production, the unanimous decisions taken at the 11th ONOMM on 6 June 2020, and the outcomes of the 12th ONOMM on 3 December 2020.
