Igboeli Arinze, Awka- Crude oil prices, namely Brent crude moved upwards by 5 percent on yesterday after a report by two bodies namely the International Energy
Agency, followed by US inventory data,
boosted optimism about a upsurge in demand after the coronavirus pandemic induced lockdowns forced prices to go low.
The Brent, against which Nigeria’s crude oil is priced, took an upward swing from 63.67 to $66.73 per barrel by 7:31pm
Nigerian time on yesterday.
With rising demand and US consumption of fuel rising to 8.9 million barrels per day the highest since August 2020, it looks like there will be a surge in demand thus requiring that producers pump an additional two million bpd to meet, this has prompted the Organisation of the Petroleum Exporting Countries,.OPEC on Tuesday raised its global demand forecast by 70,000 bpd from last month’s forecast and now expects global demand to rise by 5.95 million bpd in 2021.