The price of oil has risen to $71.28 per barrel in the international market, its highest level in 2021.
This is coming on the heels of the Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC members’ resistance of pressure to increase output.
Before the 14th Meeting of OPEC and non-OPEC ministers on Thursday, March 4, 2021, the oil price had hovered around $65 per barrel.
The price has been on a rise following continued removal of excess supply.
Specifically, while the price of Brent increased from $65 to the current $71.28 per barrel, the price of Nigeria’s Bonny Light, hovers around $67.69 per barrel, showing an excess of almost $30 as the nation’s 2021 budget was based on $40 and 1.8 million barrels per day, mb/d, including Condensate.
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