Price of Nigeria’s oil hits $116.1 at global market

Nigeria’s crude oil grade, Bonny Light is trading at $116.1 per barrel the second most expensive in the international crude oil market.

Nigeria’s crude oil price is only trading below Saudi’s Saharan Blend oil which is at $118.50pbd.

Figures showed that Bonny Light’s current trading rate is a 6.91 percent increase from what it traded over the weekend.

The international benchmark price, Brent is at $113.66 per barrel while the United States, West Texas Intermediate, WTI is at $110.5 a barrel.

According to the Organisation of Petroleum Exporting Countries (OPEC’s) Secretariat calculations, its basket of thirteen crudes stood at $105 a barrel, compared with $104 the previous day.

“The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).”

Since the European Union countries considered joining the United States in a Russian oil embargo, over the weekend and also attack on Saudi oil facilities, the oil market has witnessed an upward trajectory growth after slowing down last week.

Nigeria’s oil production is struggling to keep up with oil quota at a time they should be raking in billions of dollars.

OPEC’s Monthly Oil Market Report (MOMR) for March 2022 showed that Nigeria’s crude oil production declined to an average of 1.417 million bpd in February 2022 when it was supposed to pump 1.73 million barrels per day.