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Oil price leaps to $78.00 as JMMC monitors market

By Comfort Asuquo
The price of crude oil has risen from $76.00 to $78.00 to per barrel in the global market following limited inventories in the United States and Iran sanctions.

Oil money

Investigation by Sweetcrude showed that the price of some light crudes, including Nigeria’s Bonny Light surged toward $79.00 per barrel in the London market.

It also showed that the price of Brent rose from $74.70 to $77.46 per barrel, while the price of West Texas Intermediate (WTI) and Organisation of Petroleum Exporting Countries, OPEC, basket of 15 crudes stood at $69.32 and $74.75 per barrel respectively.

However, the Joint Ministerial Monitoring Committee (JMMC) of OPEC disclosed that it has reviewed the monthly report prepared by its Joint Technical Committee (JTC), including the overall conformity levels of countries participating in the “Declaration of Cooperation” during the month of July 2018, as well as the short-term prospects of the global oil markets.

The JMMC noted that countries participating in the “Declaration of Cooperation” have achieved a conformity level of 109% in July 2018, which shows significant progress towards the goal set at the 4th OPEC and Non-OPEC Ministerial Meeting of 23 June 2018, which followed and endorsed decisions taken at the 174th Meeting of the OPEC Conference convened on 22 June 2018.

The Committee expressed overall satisfaction with the collective performance of member countries in the month of July 2018. The Committee also expressed its satisfaction with recent market fundamentals showing good balance between supply and demand considering seasonal factors.

The next meeting of the JMMC is scheduled to take place in Algiers, Algeria on 23 September 2018. During the Algiers meeting, the JMMC will review the plan for monitoring overall market fundamentals and conformity levels for the remainder of 2018, as well as the framework of cooperation to be established in 2019 and beyond.

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