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Thursday, April 18
The decision by the Organisation of Oil Exporting Countries (OPEC) to pump 400,000 barrels per day of crude oil into the market on a monthly basis from August, yesterday pushed oil price to a record low of $69 per barrel, but Nigeria’s sweet crude, Bonny Light remains bullish at $75.23.
As climate policies continue to weigh on the oil markets, the oil market is expected to contract—a situation that will increase OPEC countries’ share of the global oil market from 30 per cent today to nearly 70-80 per cent.
With 1.55 million barrels per day June quota for Nigeria, incremental supply into the market could enable Nigeria to increase activities in the oil sector thereby meeting the estimated benchmark in the current budget.
Some analysts, including experts at ING however remained optimistic about the oil price, insisting that the market would hover around $75 per barrel due to stabilizing demand..
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