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Home Business News

Nigeria’s Bonny Light hits $25, as Saudi Arabia pledges more oil cut 

Olumide Adesina by Olumide Adesina
May 12, 2020
in Business News, Politics
Banking crisis imminent over debt by independent oil producers, Crude oil prices up 32% though report still paints gloomy picture Crude oil prices up 32% though report still paints gloomy picture, Hope for Higher Oil Prices., Nigeria’s oil crisis compounded as India’s fuel demand crash by 60% , Nigeria’s Bonny light hits $25 dollars, Saudi pledges more oil cuts 
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Nigeria’s flagship crude, Bonny light, rose by 1.20% to stand at $25.23 per barrel, according to the latest data released by oilprice.com. This happened as oil traders became more optimistic about oil production cuts.

Similarly, Brent crude gained about 3.37% to trade at $30.63 as at 1 pm Nigerian time on Tuesday. The slight increase was boosted by a recent pledge by the Saudis to further cut oil production in June. The deeper output cut is intended to help reduce the oil glut in the global market, which had occurred as a result of COVID-19’s negative impact on fuel demand.

Saudi Arabia announced overnight that it would reduce oil production by another 1 million barrels per day starting next month, thereby bringing its total oil production to 7.5 million barrels per day.

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While commenting on Saudi Arabia’s latest output announcement, the Chief Global Market Strategist at AxiCorp, Stephen Innes, said this to Reuters:

“This reduction in production provided excellent optics encouraging other OPEC + members to comply and even offer additional voluntary cuts, which should quicken the global oil markets’ rebalancing act.”

(READ MORE: Brent crude slides by 8%, as storage fears mount)

Previously, there were concerns surrounding the need for further oil production cuts by American oil producers and OPEC+ (a group that includes the Russians, OPEC, and other friendly oil-producing countries).

Also recall that fears that America was running out of storage tanks had triggered a plunge in U.S. crude oil prices, causing it to tank into negative territory in April. The development had promptes most American oil producers to reduce oil production. 


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Tags: Bonny LightBusiness NewsForeign Exchange earningsForeign exchange rateNigerian Business Newsoil cutsoil productionOPECSaudi Arabia
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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