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Oil prices remain low despite OPEC ministerial meeting


Oil prices remain low despite OPEC ministerial meeting
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By Udeme Akpan
Despite the conclusion of the 16th Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC Ministerial Meeting of the Declaration of Cooperation (DoC) which met to review the market and adopt measures for increased stability, oil prices remain unresponsive at over $60 per barrel.
Specifically, the prices of Nigeria’s Bonny Light, Brent, and OPEC Basket remained unresponsive at $63.94, $66, and $63.22 per barrel yesterday.
However, the meeting, which took place via teleconference on April 27, 2021, under the Chairmanship of HRH Prince Abdul Aziz bin Salman, Saudi Arabia’s Minister of Energy, and Co-Chair HE Alexander Novak, Deputy Prime Minister of the Russian Federation emphasized the ongoing positive contributions of the DoC in supporting a rebalancing of the global oil market in line with the decisions taken at the 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting ....

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