By Udeme Akpan
THE Organisation of Petroleum Exporting Countries, OPEC, has stressed that the estimated 4.8 per cent global growth will culminate in oil market stability this year.
This is even as the price of Bonny Light, Nigeria’s premium oil grade, dropped from $65.70 to $63.11, while OPEC Basket, and other crudes also dropped marginally over uncertainty about the outcome on the ongoing 49th Meeting of the Joint Technical Committee (JTC) (Videoconference).
However, speaking at the meeting, monitored by Vanguard, HE Mohammad Sanusi Barkindo,Secretary General, OPEC, stated:
“The economic recovery is gaining momentum. This is reflected in our latest global growth estimate of 4.8% for 2021, up from the 4.4% projection we shared at our last meeting.
World oil prices reach their highest levels in nearly two years
By: Times News Service
Photo used for illustrative purpose only
Muscat: World oil prices closed on Friday at their highest levels in nearly two years, after producers agreed to increase supply from April by a smaller amount than expected.
The price of a barrel of Brent North Sea crude for May delivery rose by 3.9 per cent to $69.66 in London, its highest closing price since April 2019.
In New York, the price of a West Texas Intermediate (WTI) per barrel for April delivery rose by 3.5 per cent and reached $ 66.9, the highest closing level in 22 months.
THE Organisation of Petroleum Exporting Countries, OPEC, has stressed that the estimated 4.8 per cent global growth will culminate in oil market stability this year.
India Business News: NEW DELHI: Two days before OPEC+ ministers decide on production cuts, India reached out to Russia - the heavyweight in the expanded grouping of oil-pr.