Oil price exceeds budget benchmark, climbs to $62.70

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The price of oil has risen from $60.00 to $62.70 per barrel as Organisation of Petroleum Exporting Countries, OPEC, intensifies efforts to withdraw excess oil from the volatile market.

Reports indicated that the prices of Brent, West Texas Intermediate, WTI and OPEC basket stood at $62.70, $53.80 and $59.63 respectively.

The current price gives Nigeria room to generate $2.70 in excess of its $60.00 per barrel 2019 budget reference price.

OPEC has noted that stability was gradually returning to the market, which witnessed price drop from $85.00 in October to $50.00 in December 2018, especially as the Joint Ministerial Monitoring Committee, JMMC, was working to achieve the mission.

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“The Joint Ministerial Monitoring Committee, JMMC, has expressed its utmost satisfaction with the steady and robust achievements of the two-year old ‘Declaration of Cooperation’ between OPEC and participating non-OPEC oil producing countries,” an OPEC report stated.

“The Joint Ministerial Monitoring Committee, JMMC, has expressed its utmost satisfaction with the steady and robust achievements of the two-year old ‘Declaration of Cooperation’ between OPEC and participating non-OPEC oil producing countries.

“The JMMC noted that countries participating in the ‘Declaration of Cooperation’ achieved an overall conformity level in November 2018 of slightly below 100%, hitting 98% for the month.

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