OIL PRICE: Bonny Light surges further to $78.22

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Crude oil price hits $65.85 per barrel after OPEC, Non-OPEC meeting

By Udeme Akpan

The price of Nigeria’s  Bonny Light, Tuesday, rose further to $78.22 per barrel, from $77.40, recorded the previous day, as the Organisation of Petroleum Exporting Countries, OPEC, presents its 2021 World Oil Outlook (WOO) in Vienna, Austria.

This showed an excess of $21.22 per barrel over the 2021 budget benchmark of $57 per barrel.

Commenting on the development, an energy analyst with Goldman Sach Group, Damien Courvalin, said: “While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts.

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