Oil: Bonny light loses all gains in 2022

Marcus Amudipe
Marcus Amudipe
Oil Platform

A report has shown that Bonny Light grade crude oil lost all of its 2022 earnings.

Vanguard reported that the oil company ended the year with $81.94 per barrel, dropping 8.26 per cent from the $88.71 p/b it had been selling since January.

The highest price for Bonny Light was reached in June 2022, four months after Russia’s invasion of Ukraine, when it traded at $130.01 per dollar. Russia, a significant crude oil supplier, was subjected to a number of sanctions by western nations as a result of the war.

Bonny Light traded at $99.64 in February, $121.23 in March, $106.51 in April, $116.72 in May, $130.01 in June, $120.54 in July, $106.34 in August, $93.25 in September, $96.57 in October, and $93.36 in November, according to data received from the Central Bank of Nigeria.

The Organization of Petroleum Exporting Countries, or OPEC, praised the agreement it signed with other oil exporting countries that culminated in the Document of Cooperation six years ago, saying it has helped to stabilize the global oil market despite its mixed fate throughout the year.

OPEC Secretary General, Haitham Al Ghais, in a statement to mark the 6th year of the agreement added that it has also helped in securing global energy security.

The DoC, signed by 23 oil-producing countries, seeks to ensure long-term oil market stability by cooperation and conversation, especially at the research and technical levels, for the benefit of all producers, consumers, and investors, as well as the global economy as a whole.

According to Al Ghais, “The Declaration of Cooperation is an unprecedented collaborative framework of 23 oil-producing countries that is based on trust, mutual respect and dialogue. Six years later, the framework continues to play an instrumental role in supporting market stability, which is essential for growth and development, as well as attracting the necessary investment to ensure energy security.”

 

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