The new price is about $9.1 per barrel higher than the $25 per barrel price benchmark in the latest 2020 budget.

However, the Organisation of Petroleum Exporting Countries, OPEC, expect the market, which has been very volatile in recent times to witness much stability in the coming months because of its increased efforts in engaging with different nations, including China, accounting for about one third of oil demand growth.

 

Source: Vanguard

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