Oil prices has continued to rally on Monday with Brent futures rising above $60 per barrel, the highest since January last year. The rally is supported by economic revival hopes and supply curbs by producer group OPEC and its allies.
At 0900 GMT on Monday Brent crude oil futures rose to a high of $60.25 per barrel.
The U.S. West Texas Intermediate crude futures traded at $57.66 per barrel the highest since January last year.
Nigeria Bonny Light trade at $58.93 per barrel, a 2.03% increase.
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The pledge of additional supply cut by Saudi Arabia in February and March coupled with reductions by other members of the OPEC+ including Russia, is helping to balance global markets and support prices.
In another development, Algeria’s energy exports are plummeting as the country is struggling to maintain shipments of oil and gas. According to Bloomberg report, the decline is so severe that “Algeria might cease to be an crude exporter within a decade,” said Cherif Belmihhoub, a minister in charge of economic projections.
In 2020, the country’s liquified natural and crude export dipped around 30%.according to Bloomberg ship-tracking data. In January Algeria’s oil export fell 260,000 barrels per day, which is 36% decline compared to December figures and the lowest since 2017.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.