The Nigerian excess oil revenue dropped to $7.28 per barrel ,from $13.59 per barrel , following increased instability in the global oil market between the first and last week of May, 2019.

A compilation and analysis of oil prices according to our sources, during the period showed that the price of Nigeria’s Bonny Light, the nation’s premium oil grade which stood at $73.59 in the first week of the month dropped to $67.28 in the last week, indicating a fall of $6.31 per barrel.

It signifies that the prices of other crudes also witnessed setbacks in the volatile market because of the prevailing instability.

For instance, the price of Brent, West Texas Intermediate, WTI and OPEC Basket dropped from $71.94, $63.53 and $71.07 to $70.00, $60.10 and $67.12 respectively during the period.

This indicates that the prices of crude will continue to face a decline in the coming months, apparently because of the continued instability.

Following the statement of the 14th Meeting, of the Organisation of Petroleum Exporting Countries, OPEC which took place on 19 May 2019, in Jeddah, the Kingdom of Saudi Arabia, the Joint Ministerial Monitoring Committee (JMMC) has reaffirmed its commitment to achieving a balanced market and working towards oil market stability on a sustainable basis with solid fundamentals.

“The JMMC expressed its satisfaction regarding the critical role which the ‘Declaration of Cooperation’ (DoC) played in the oil market recovery seen in the first quarter of 2019 compared to the fourth quarter of 2018, supported by high conformity to the voluntary production adjustments by participating countries. Conformity for the month of April 2019 was 168 percent, and this record high figure has also had positive ramifications for global economic growth in the first four months of 2019. Average conformity has reached 120 percent since January 2019.