The recent uptick in Bonny Light oil prices to $79.08 per barrel, up from $76 per barrel over the weekend, brings a sense of optimism for the successful implementation of Nigeria’s 2024 budget. This surpasses the budget benchmark price of $77.96, coupled with the expected 1.69 million barrels per day oil output.
Our investigations reveal a general increase in crude prices, attributed to supply concerns stemming from escalating geopolitical tensions in the Middle East. Despite these challenges, OPEC and its allies, as highlighted in a statement obtained by Vanguard, remain steadfast in their commitment to achieving stability in the global market.
OPEC’s dedication is reflected in the re-affirmation of the full commitment of participating countries to unity and cohesion, along with unwavering efforts to maintain oil market stability through the Declaration of Cooperation. The OPEC Secretariat, in consultation with member countries and non-OPEC producing countries in the DoC, emphasizes the continued commitment to shared objectives.
The statement acknowledges the extraordinary efforts made by OPEC Member Countries and non-OPEC producing countries participating in the DoC. These efforts have played a crucial role in supporting the global economy, particularly amid challenges such as the COVID-19 pandemic, ensuring stability in the oil market compared to other commodities.
As the oil market experiences positive momentum, there’s a promising outlook for Nigeria’s economic landscape in 2024, supported by the dedication of OPEC and its partners.
SOURCE: Naija247news