Nigeria’s crude oil grade, Bonny Light, on Tuesday traded at $116.1 per barrel at the international oil market.
This is even as the Nigerian government has, over the past months, been struggling to meet its OPEC-approved oil quota.
The latest OPEC’s Monthly Oil Market Report (MOMR) for March 2022, Nigeria’s crude oil production dropped to an average of 1.417 million barrels per day (b/d) in February when the country was supposed to pump 1.73 million b/d into the global oil market.
On Tuesday, Bonny Light is the second most expensive in the international crude oil market, only trading below Saudi’s Saharan Blend oil which is at $118.50pb.
News report from Reuters showed that Bonny Light’s current trading rate represented a 6.91 percent increase from what it traded over the weekend.
Curiously, 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)”.
News reports indicated that since the European Union countries considered joining the US in a Russian oil embargo over the weekend as well as attack on Saudi oil facilities, the oil market had witnessed an upward trajectory growth after slowing down last week.
