Bakani told The National that this had resulted from an agreement between major global oil supplierson exporting.
“The international price for oil has stabilised around US$45 to US$46 – around that area – and everybody is excepting it at that level with no increase like in the past and decline as well,” Bakani said.
“This is where everybody in the international suppliers of oil in the market and those that demand oil have agreed pretty much in balancing that.
“The impact this has on oil exporting and importing countries is very big and that has resulted in the stability in the global oil price. It is unlikely that it will drop any further.”
CNBC had reported that oil prices collapsed last Thursday to their lowest since late November, as investor worried about the world’s stubbornly persistent glut of crude erased most of the gains which followed last year’s Opec’s output cut.