The prices of many crudes, including Nigeria’s Bonny Light, on Tuesday bounced back to over $100 per barrel in the global market as the Organisation of Petroleum Exporting Countries, OPEC and its allies, begin their meeting in Vienna, Austria.
The rise in prices was fueled by expectation that the meeting of OPEC and its allies would culminate in determining the group’s production strategy for September 2022 as well as adoption of other measures, capable of achieving stability in the volatile global market.
Consequently, the price of Bonny Light rose to over $100 per barrel, from $99 while the price of Brent rose to $101.8 per barrel, from $98 per barrel.
Until last week when the prices of many crudes crumbled, due mainly to the negative data from China, which gave impression that the demand for crudes was easing, the prices had consistently risen, due to some factors, especially the reopening of major economies after the Coronavirus lockdown, Ukraine-Russian war and European Union ban on Russian oil.
However, OPEC and its allies, including Russia, are currently meeting to determine the group’s production strategy for September as well as come up with decisions, capable of achieving stability in the market.
