Ukraine: Prices surge toward $120 per barrel on OPEC decisions

This came as many buyers decided to shun Russian crudes, amid concerns about supply disruptions.

Specifically, the prices of Bonny Light, Brent, WTI, rose to $107, $111 and $109 per barrel, from $98, $104 and $108 per barrel respectively, yesterday.

It a statement obtained by Vanguard, OPEC stated at the end of its 26th OPEC and non-OPEC Ministerial Meeting, that: “Following the conclusion of the 26th OPEC and non-OPEC Ministerial Meeting, held via videoconference on March 2, 2022, and based on internal consultation held exclusively by the OPEC and participating non-OPEC oil-producing countries in the Declaration of Cooperation of (DoC), it was noted that current oil market fundamentals and the consensus on its outlook pointed to a well-balanced market, and that current volatility is not caused by changes in market fundamentals but by current geopolitical developments.

“The OPEC and participating non-OPEC oil-producing countries decided to reaffirm the decision of the 10th Ministerial Meeting on April 10, 2020, and further endorsed in subsequent meetings including the 19th Ministerial Meeting on July 18, 2021.

“Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of April 2022, as per the attached schedule.

“Reiterate the critical importance of adhering to full conformity and to the compensation mechanism taking advantage of the extension of the compensation period until the end of June 2022. Compensation plans should be submitted in accordance with the statement of the 15th Ministerial Meeting.

“Hold the 27th OPEC and non-OPEC Ministerial Meeting on March 31, 2022.”

The Minister of State for Petroleum Resources, Timipre Sylva, had, said the increase in prices of crude oil is not in the best interest of Nigeria.