Oil’s price rises above $40 for first time in 3 months after 30% fall

Oil’s price rises above $40 for first time in 3 months after 30% fall

- Oil prices have risen past $40 for the first time in 3 months

- This was after it fell by over 30% which was considered as the worst fall since the Second Gulf War

- At the moment, there are ongoing discussions about the possibility of extension of production cuts

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YEN.com.gh has learned that the price of oil has increased beyond $40 for the first time in three months.

This comes after it fell by over 30% and was considered as the worst drop since the Second Gulf War.

Information available shows that Brent crude rose to $40.12 a barrel amid reports that OPEC+ members are calling for an extension of production cuts currently set to end in June 2020.

READ ALSO: IES warns of drop in oil production in Ghana as Bren crude prices drop

A leading member of the Organisation of Petroleum Exporting Countries (OPEC), Saudi Arabia, has reportedly called for a one to three months extension.

Per a report by Business Insider, this comes as a sharp contrast to a one-month only extension being called for by Russia and other OPEC+ members.

YEN.com.gh earlier reported that reports coming in show that Ghana is likely to lose an estimated GHC4,149,467,250 in the wake of falling oil prices on the world market.

YEN.com.gh understands that this represents about half of Ghana’s projected oil revenue for the year 2020.

The situation would become a reality if oil prices continue to decline or stay at around $30 a barrel for the rest of the year.

READ ALSO: Fuel prices may not fall in Ghana soon - COPEC

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Source: YEN.com.gh

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