By Udeme Akpan
THE price of Nigeria’s Bonny Light, Monday, dropped to $61.54 per barrel over fears of Coronavirus pandemic resurgence in India, a major importer of the nation’s crude.
The price of the crude had risen to over $63.50 in the global, shortly after the recent meeting of the Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC Members.
According to Oilprice.com, “On Monday, news out of India, the world’s third-largest oil importer, showed that demand recovery continues to be a rocky path. India reported its highest number of new daily coronavirus cases since the pandemic began and reinstated lockdowns in some areas, including in its biggest city, Mumbai.
“India’s lockdown and continued lockdowns in major European economies, including Germany and France, are once again rattling the oil market amid fears that expectations of strong demand from now on may not materialize.”
At the end of the recent meeting, OPEC stated: “The Meeting…
Source: Vanguard Newspaper