Oil Price Rises from $65 to $71.28 per Barrel

Oil Price Rises from $65 to $71.28 per Barrel

NewsReport Nigeria March 8, 2021

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Oil price risen to $71.28 per barrel in the International market, this is happening for the first time this year 2021, this actually happened few days after the Organisation of Petroleum Exporting Countries, OPEC, and non- OPEC members had resisted pressure to increase output.

NewsReport Nigeria gathered that the crucial 14th Meeting of OPEC and non-OPEC ministers, which took place via video conference on Thursday, March 4, 2021, the oil price had hovered at about $65 per barrel.

With the close monitoring of the market by eye witness, showed that the price, fuelled by the continued removal of excess supply, started surging towards $70, before hitting the current level on Monday, March 8, 2021.

This on-line information learnt that while the price of Brent increased from $65 to the current $71.28 per barrel, the price of Nigeria’s Bonny Light, hovers at $67.69 per barrel, showing an excess of almost $30 as the nation’s 2021 budget was based on $40 and 1.8 million barrels per day, mb/d, including Condensates.