Skip to main content

BONNY LIGHT PRICE LEAPS TO $68.01


                                     Oil

 Saudi Arabia cuts supply, targets $70

 THE price of Bonny Light, Nigeria’s premium oil grade, yesterday, leaped to $68.00 per barrel in the international market as Saudi Arabia cuts supply in order to realise a target price of $70 per barrel. The oil grade opened the week’s trading at $67.00.

  The price of other oil grades – Brent, WTI and the Organisation of Petroleum Exporting Countries, OPEC Basket – also stood at $67.48, $59.98 and $66.67 per barrel respectively in the market.

Consequently, OPEC which Joint Ministerial Monitoring Committee (JMMC) rose from a recent meeting to review the market stated: “The JMMC reiterated the critical role that the “Declaration of Cooperation” has played in supporting oil market stability since December 2016 and took note of the expressed commitment of all participating countries to ensure that such stability continues on a sustainable basis, as overall conformity reached almost 90% for the month of February 2019, which is up from 83% in the month of January.

“The Committee recognized the current, critical uncertainties surrounding the global oil market throughout 2019, and stressed on the shared responsibility of all participating countries to restore market stability and prevent the recurrence of any market imbalance.

  “All participating countries present at the meeting, individually and collectively, assured the Committee that they will exceed their voluntary production adjustments over the coming months. 

 To this end, the JMMC also urged all participating countries, including those not present at today’s meeting, to achieve full and timely conformity with their voluntary production adjustments under the decisions of the 175th Meeting of the OPEC Conference, 6 December 2018, and the 5th OPEC and non-OPEC Ministerial Meeting, 7 December 2018.” 

 Meanwhile, Saudi Arabia has started pushing towards the realisation of $70.00 through its oil cut policy. Oil price.com stated: “Saudi Arabia has been signalling for weeks that it is and will be doing whatever it takes to rebalance the oil market by slashing exports and pumping well below its quota under the OPEC+ deal—despite US shale’s persistence. 

 “Yet, while neither the Saudis nor OPEC would officially admit that they are aiming for higher oil prices or a specific price of oil, the combined efforts of the OPEC/non-OPEC group to withhold 1.2 million bpd of supply are targeting a tighter market—and higher oil prices.” KYLEOIVREPORTS.

Comments

Post a Comment

Popular posts from this blog

EKSU BULLS FALLS TO A DISAPPOINTING DEFEAT IN OAU

KYLEOIVREPORTS EKSU BULLS FALLS TO A DISAPPOINTING DEFEAT IN OAU          Mr. Sprite Hoop challenge is an award winning competition  that includes the knockout stage,dunk contest, shooting contest, zanku dance,rap battle and award presentation .        Mr. Sprite Hoops challenge games came again with another interesting basketball event this year making it the 2nd of its kind as a total number of 5 higher institutions competed for the trophy. The competition which involved all invited higher institutions  where winner in the challenge were fully awarded.          Eksu basketball team which was Nicknamed   EKSU BULLS   were among the school invited for the challenge, going there fully motivated and with the hope of bringing a gold medal back home . Eksu basketball team hope hit a giant rock after losing two games consecutively .   ...
Post a Comment
Read more

RELATIONSHIP TALKS: HOW NOT TO END A RELATIONSHIP.

                                            Love Beautiful, young, starry eyed Kendra met a charming, older guy with all the trappings of a big boy, who swept her off her feet. For Kendra and Duke, it was love at first sight and he had everything that would keep a girl joined to his loins. So, he wined and dined and cared for her the rest of her two years in the University. He kept a close mark on her all through her NYSC Service years and pronto, proposed marriage to her. For Kendra, it was more than she ever imagined possible and so was hopefully looking forward to the wedding date.  Then all hell broke loose. At one of their nights out, clubbing, a guy walked up to Kendra and without warning planted a kiss on her lips. Before both of them could get out of the shock of the audacious incident, the guy went into a rant, asking why she failed to show up at his place...
Post a Comment
Read more

SINGER, LAGBAJA UNMASKED BY AREMU AFOLAYAN IN BIRTHDAY POST?.

Nigerian singer, Lagbaja is known as the masked one. Since he started his musical career in early 90’s, legendary singer, born Bisade Ologunde popularly known as Lagbaja never revealed his identity to the World. The singer has managed to keep his identity hidden by always wearing a mask, with many still yet to understand the reason behind it. This morning, Nollywood actor Aremu Afolayan took to his Instagram page to celebrate the ‘Kon Kon below’ crooner who turned a year older today and he appeared to unmask his face. See his post below: KYLEOIVREPORTS . 
Post a Comment
Read more