Bonny Light hits $91.08 per barrel, as OPEC+ retains monthly production cut


Bonny light

Bonny light

By Prince Okafor

Nigeria’s crude oil grade, Bonny Light, on Wednesday, maintains its positive movement upward, as the Organisation of Petroleum Exporting Countries, OPEC and its allies decided to maintain its monthly production adjustment mechanism of crude oil in the international market.

The group, which comprises of the OPEC and allies led by Russia with an average of over 40 percent of global supply, has in recent times, faced pressure from top consumers such as the United States and India to pump more to help the economic recovery from COVID-19 pandemic.

Also, OPEC’s 13 and their 10 allies drastically slashed output in 2020 as the pandemic wreaked havoc with demand.

However, following the conclusion of the 25th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference on Wednesday, the group concluded that in view of current oil market fundamentals and the consensus on the outlook, the OPEC and participating non-OPEC oil-producing countries in…

Source: Vanguard Newspaper