Oil Price Dips To $74.18, Russia Rallies OPEC On Market Stability

Brent, the oil against which Nigeria’s crude is priced, dropped marginally, shedding 32 cents to close at $74.18 per barrel as of 4pm Nigerian time.

Industry figures showed that the commodity dipped in price by 0.43 per cent when compared to its cost the preceding day.

This came as the Deputy Prime Minister of the Russian Federation, Alexander Novak, in a letter addressed to the Secretary-General of the Organisation of Petroleum Exporting Countries, Sanusi Barkindo, emphasised the need for continued work by OPEC and its allies to maintain market stability.

In the letter, which was received by OPEC on July 27, 2021, Novak commends the OPEC scribe for his efforts in ensuring the stability of global crude oil prices.

Novak notes that the reliable basis for this was the Declaration of Cooperation and the Charter of Cooperation by OPEC and its allies.

The deputy prime minister reaffirmed the commitment of the Russian government to the development of the constructive cooperation with OPEC.

He says, both within the framework of the bilateral dialogue and in the OPEC/non-OPEC format, based on trust, mutual respect and recognition of interests for the benefit of oil producers and consumers.

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