Rising price of Bonny Light oil steadies excess crude income at $65.4m daily
Chances of Nigeria’s earnings from crude oil to deepen alongside the pains on rising Bonny Light crude have become brighter as price consolidate around $75 per barrel in the international market.
Otherwise, the price of Bonny Light stood at $74 per barrel in the market Tuesday, showing only $1.0 below the expected target. The price of Brent and WTI also stood at $74.06 and $68.40 per barrel respectively in the international market while the price of OPEC basket of 14 crudes stood at $70.96 per barrel.
According to OPEC, “The price of OPEC basket of 14 crudes stood at $70.96 a barrel on Thursday, compared with $69.39 the previous day, 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).’’ Excess revenue At the current price, the nation generates $28.06 per barrel in excess of the $45 per barrel reference price of the 2018 budget.
