Brent crude has reached a price of over $80.41 per barrel for the first time since May 20, 2023.
According to Nairametrics, after examining crude oil prices on Wednesday, July 12, it was discovered that the benchmark Brent crude price had hit above $80 per barrel.
As of 2:58 pm (GMT+1), Brent crude was 80.41 per barrel, while Bonny Light crude was $80.68 per barrel.
It is important to note that despite the Organisation of Petroleum Exporting Countries’ June 2023 production cuts, the price of Brent crude has averaged less than $80 per barrel since May 2023.
Recall that during the June 4 meeting of the Organization of Petroleum Exporting Countries (OPEC), Nigeria agreed to a production quota cap of 1.38 million barrels per day between January to December 2024.
Members of OPEC and non-OPEC organizations decided to reduce production levels at the meeting in order to maintain the stability of the global oil market.
During the 8th OPEC International Seminar, which was recently held in Vienna, Austria, Nigeria’s Permanent Secretary at the Ministry of Petroleum Resources, Gabriel Tanimu Aduda, stated that he knows that Nigeria would receive a larger quota since the country is consciously working towards that goal.
“If crude oil theft is aggressively combatted and Nigeria produces up to 1.7 million barrels of crude per day and the Brent crude benchmark maintains over $80 per barrel, this will increase oil revenues for Nigeria.”
Aduda said that investors were still prepared to invest in the Nigerian oil and Gas industry regardless of the many challenges while speaking on the sidelines of the OPEC Seminar.
He continued by saying that the country’s energy transformation program will benefit from the oil and gas investments that are coming in because there is also a need to invest in crucial minerals required for the development of renewable energies.
On June 26, OPEC Secretary General Haitham al Ghai,s gave a speech at the Energy Asia conference in Kuala Lumpur, Malaysia.
He stated that OPEC anticipates a 23% increase in global energy demand through 2045 and that there is no credible way to address this issue without utilizing all available energy sources and using the stability of the energy market as a guide.
Al-Ghais also claimed that OPEC anticipates a rise in global oil consumption to 110 million barrels per day by 2045, with oil still making up roughly 29% of the world’s energy mix by then.
He predicted that between now and 2045, oil investments will require up to $12.1 trillion, or over $500 billion each year.
