The price of crude oil has stabilised at $54.25 as the Organisation of Petroleum Exporting Countries, OPEC, predicted increased stability of the market, yesterday.
The price, which was also over $54 per barrel the previous day was said to have stabilised at that level because of the near balance of demand and supply in the market.
Specifically, the price of Brent and WTI stood at $54.25, while that of WTI stood at $48.38 per barrel.
Also, the price of OPEC basket of 14 crudes, including Nigeria's Bonny Light, stood at $51.82 per barrel.
According to OPEC, "the price of OPEC basket of 14 crudes stood at $51.82 a barrel on Monday, compared with $52.53 the previous Friday, according to OPEC Secretariat calculations.
"The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela)."
However, in its monthly report released, yesterday, OPEC stated that the world economic growth had been revised up for 2017 to 3.5 per cent from 3.4 per cent, while the growth forecast for 2018 remains unchanged at 3.4per cent.
It stated that: "OECD growth has performed better-than-anticipated in the current year - particularly the Euro-zone and to some extent in the US - and is now forecast to grow by 2.2 per cent in 2017 and 2.0 per cent in 2018.
"India is expected to grow by 6.9 per cent in 2017 and 7.5 per cent in 2018. Brazil and Russia are both forecast to expand their recovery to 0.5 per cent and 1.5 per cent in 2017, respectively, followed by growth of 1.5 per cent and 1.4 per cent in 2018."
"China is expected to grow by 6.7% in 2017 and 6.3% in 2018. World Oil Demand World oil demand growth in 2017 is expected to rise by 1.42 mb/d after an upward revision of around 50 tb/d.
" adjustment mainly reflects better-than-expected data from OECD region for the 2Q17, particularly OECD Americans and Europe, as well as China. In 2018, world oil demand is anticipated to grow by 1.35 mb/d, an increase of 70 tb/d from the previous report.
"This reflects higher growth expectations for OECD Europe and China. World Oil Supply Non-OPEC oil supply is expected to grow by 0.78 mb/d in 2017, unchanged from the last month due to offsetting revisions in Kazakhstan and US supply.
"In 2018, non-OPEC oil supply is forecast to grow by 1.0 mb/d, following a downward revision to Russia and Kazakhstan, totalling 0.1 mb/d. OPEC NGLs and non-conventional liquids production are seen averaging 6.49 mb/d in 2018, representing an increase of 0.18 mb/d, broadly in line with growth in the current year.
"Balance of Supply and Demand Based on the current global oil supply/demand balance, OPEC crude in 2017 is estimated at 32.7 mb/d, around 0.5 mb/d higher than in 2016. Similarly, OPEC crude in 2018."