Brent oil dropped slightly on Tuesday, shedding 32 cents to close at $74.18 per barrel on Tuesday, after 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, emphasized the need for continued work by OPEC and its allies to maintain market stability.
The figures showed that the commodity fell in price by 0.43 per cent when compared to its cost the preceding day.
The letter read in part, “I believe that in the conditions of continued uncertainty in the development of the global economy; the significance of the coordinated work in order to maintain the stability of the global energy markets will only increase.”
Novak noted 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.
This, he said, was 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.
Novak commended Barkindo’s high assessment of the efficiency of the cooperation within the OPEC/non-OPEC format, stressing that the OPEC scribe contributed to the joint decisions that ensured the stability and predictability of the world oil market.
Bent oil is the company against which Nigeria’s crude is priced.