Yesterday the prices of Oil rose massively, as Brent per barrel was above $40 because of the small crude oil stock draw of 483,000 barrels for the week ending May 29.

According to analysis,they predicted an inventory build of 3.038 million barrels,also the lower draw also thrust Nigeria’s Brass River crude grade to $40.18, Qua Iboe was at $40.18, while Bonny Light was selling at $37.89 per barrel yesterday.

Formerly,American Petroleum Institute (API),estimated a build in crude oil inventories of 8.731 million barrels,while EIA’s estimates were in agreement to Oilprice,the EIA reported last week that the inventories had risen by 7.9 million barrels.

The API stated a build of 1.706 million barrels of gasoline for week ending May 29, alike last week’s 1.120-barrel build. This week’s draw compares to analyst expectations for a 1.0 million-barrel build for the week.

Liquid inventories were up to 5.917 million barrels for the week, alike last week’s 6.907-million-barrel build, while Cushing inventories saw a draw of 2.2 million barrels.

At the same time,the State Minister of Petroleum Resources, Mr Timipre Sylva,said Nigeria has fully implemented OPEC+ alliance in April 2020 in agreement to slash 9.7 mbd that would amend the present situation caused by the Covid-19 pandemic.

Still on the current NNPC data, Nigeria has cut down its current production in May 2020 to 1.613m b/a. The gap between its reference productions of 1.829 with its May 2020 production figures is 216,000 b/d,” he said.

As reported by him,the development stand for compliance of about 52 per cent as opposed to the 19 per cent reported by international media.

Pricesly, the figures reported by TR include Agbami and Akpo condensate streams which are classified as fresh and thus excluded for quota purposes. It is good to note that recent daily crude oil production is well below the period commitment level of 1.412 million barrels per day and will render to full compliance by end of June 2020,” Sylva stated.

Furthermore,He also reveal that Nigeria would continue to comply with the agreement and commitment on improving and for the lifespan of the cut.

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