Selling above $75 dollar per barrel earlier this week, Nigeria’s Bonny Light crude yesterday, dropped to $68 per barrel on the backdrop
With a record $7 slide in less than two days, API had reported a build in crude oil inventories of 806,000 barrels for the week ending July 16, bringing the total 2021 crude draw to under 50 million barrels.This follows a recent agreement by the Organisation of Oil Exporting Countries and its alliance to boost production monthly by 400, 000 barrels per day.
Although the price also remained within the ambit of the projected price benchmark for 2022, payment of subsidy continues to lay siege to revenue generation. While a loss of 4.333 million barrels was projected for the week, API had reported a draw in oil inventories of 4.079 million barrels, largely in line with analyst predictions for a draw of 4.333 million barrels.
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