{"id":33108,"date":"2020-12-04T16:46:50","date_gmt":"2020-12-04T16:46:50","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=33108"},"modified":"2020-12-04T16:46:50","modified_gmt":"2020-12-04T16:46:50","slug":"oil-prices-rise-after-opec-approves-output-deal-bonny-light-adds-0-20","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-rise-after-opec-approves-output-deal-bonny-light-adds-0-20","title":{"rendered":"Oil prices rise after OPEC+ approves output deal, Bonny Light adds $0.20"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.com\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.com\/nigeria\">Nigeria<\/a>. <\/strong><\/span>Oil prices advanced by nearly 2% on Friday, approaching a fifth successive week of gains, with key producers consenting on a compromise to extend some cuts to supply in a bid to adapt to a demand weakened by COVID-19.<\/p>\n<p>Brent, the benchmark for Nigerian crude grades, climbed by 93 cents or 1.9% to $49.64 per barrel by 08:48 West African Time, having risen by roughly 1% at the previous session. West Texas Intermediate gained 76 cents or 1.6%, trading at $46.40 after jumping by almost 1% on Thursday.<\/p>\n<p>Bonny Light, Nigeria\u2019s banner oil grade, appreciated by $0.20 or 0.41% on Thursday, closing at $48.68 as the oil prices of most crude grades gained across oil markets.<\/p>\n<p>Qua Iboe, another major national crude grade, climbed $1.44 or 3.03% to $48.96 in early trading on Friday.<\/p>\n<p>OPEC and Russia agreed on Thursday to reduce profound oil supply cut from January by 500,000 barrels per day (bpd) but could not agree on a wider policy for remainder of 2021.<\/p>\n<p>Goldman Sachs said \u201cOPEC+ clearing the hurdle of exiting its current cuts in a coordinated way \u2026 reinforces our conviction in a steady and sustainable rally in oil prices through 2021.\u201d<\/p>\n<p>The rise implies the Organisation of the Petroleum Exporting Countries (OPEC) and Russia, a cartel called OPEC+, are on track to pare down output by 7.2 million bpd or 7% of the world demand from January, compared to current cut level of 7.7 million bpd.<\/p>\n<p>OPEC+ was anticipated to retain current cuts until March at least, following its withdrawal from plans to increase supply by 2 million bpd, a move expected to bolster oil prices.<\/p>\n<p>Oil prices also drew strength from a bipartisan COVID-19 $908 billion, which gained momentum in the U.S. Congress on Thursday.<\/p>\n<p>Opinions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. Oil prices advanced by nearly 2% on Friday, approaching a fifth successive week of gains, with key producers consenting on a compromise to extend some cuts to supply in a bid to adapt to a demand weakened by COVID-19. Brent, the benchmark for Nigerian crude grades, climbed by 93 cents or 1.9% [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":33107,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,1601,254,1602],"class_list":["post-33108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-bonny-light","tag-nigeria","tag-oil-prices"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Oil prices rise after OPEC+ approves output deal, Bonny Light adds $0.20 - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/oil-prices-rise-after-opec-approves-output-deal-bonny-light-adds-0-20\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices rise after OPEC+ approves output deal, Bonny Light adds $0.20\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Nigeria. 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