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By Adewale Sanyaolu
Oil prices gathered momentum on Monday as the market kicked off on a positive note with brent crude adding 56 cents or 0.72 per cent to hit $78.34 a barrel as of 0710 GMT.
US West Texas intermediate crude futures gained 52 cents, or 0.69 per cent to $75.73 a barrel.
The development signals more revenue inflow for Nigeria as this is about $21.34 a barrel over its $57 per barrel benchmark oil price as contained in the 2022 budget.
As Nigeria’s Secretary General of the Organisation of Petroleum Exporting Countries(OPEC), Mohammad Sanusi Barkindo, prepare to take a bow in eight months time, a special meeting of the Conference of the OPEC), which held yesterday, has appointed Mr, Haitham Al-Ghais of Kuwait as Secretary General of the Organization, with effect from 1 August 2022, for a period of three years.
Al-Ghais, a veteran of the Kuwait Petroleum Corporation (KPC) and Kuwait’s OPEC Governor from 2017 to June 2021, currently serves as Deputy Managing Director for International Marketing at KPC. He Chaired the Joint Technical Committee (JTC) of the Declaration of Cooperation (DoC) in 2017 and subsequently served as a Member of the JTC until June 2021.
In its decision, the Conference expressed its appreciation to Barkindo for his leadership during his two-term tenure as Secretary General beginning on 1 August 2016 and ending on 31 July 2022.
A long-serving veteran of Nigeria’s oil industry and OPEC, Barkindo has been instrumental in expanding OPEC’s historical efforts to support sustainable oil market stability through enhanced dialogue and cooperation with many energy stakeholders, including the landmark DoCsince its inception in December 2016. These efforts are widely credited with helping to stabilize the global oil market since the unprecedented market downturn related to the COVID-19 pandemic, and providing a platform for recovery.
