Kindly Share This Story: *Bonny Light price hits $56.95pb By Udeme Akpan Oil prices rose to over $58. 17 per barrel on Wednesday in the international market following commitment to output cut by members of the Organisation of Petroleum Exporting Countries, OPEC, and non-members. Specifically, the price of Brent rose to $58.17 per barrel, recording over $2 in excess of $56 recorded the previous day. However, Nigeria's Bonny Light also rose to $56.95 up from $55.44 per barrel recorded on Tuesday this week, indicating an excess of $16.95 over the $40 per benchmark price of the nation's 2021 budget, which was also based on 1.8 per barrel oil output, including condensate. Nevertheless, OPEC has cautioned that it does not envisage a rapid oil price recovery in 2021, stressing that slow recovery might be possible from June this year, based on the ability of stakeholders to tackle the Coronivarus pandemic and other challenges, currently impacting the market. READ ALSO: New Year OPEC+ meeting to decide production levels Commenting on the Declaration of Cooperation (DoC), initiated by OPEC and non-OPEC members, at the S&P Global Platts Americas Petroleum and Energy Conference, Mohammad Sanusi Barkindo, OPEC Secretary-General, said: "Over the subsequent three years,… Read full this story
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