Nigerian Bonny Light increase to $68.03 as against the $45 benchmark set for 2018 budget

- Nigerian Bonny Light increase to $68.03 as against the $45 benchmark set for 2018 budget

The Nigerian Economy which has suffered some set back owing to the fall in the price of Crude oil may be on it way to a total recovery.

Presently in the world crude oil market, the price of Bonny Light, which is the Nigeria’s premium crude oil grade has increased to $68.03 from $67 per barrel, this is $23 greater than the $45 per barrel benchmark price set for the 2018 budget which signifies an excess.

Apart from the price of Bonny oil increasing other crude oil grades, like Brent and WTI are also $67.57 and $61.47 per barrel respectively in the global market yesterday.

According to the Oil Producing countries via OPEC, it stated that the price of the list of OPEC 14 crude oil remained at $65.86 a barrel on Friday compared to the little rise to $66.13 the previous day.

Below are some of the names of OPEC list of crude oil. They include; Saharan Blend from Algeria,  Girassol from Angola, Oriente from Ecuador, Zafiro from Equatorial Guinea, Rabi Light from Gabon, Iran Heavy from Islamic Republic of Iran, Basra Light from Iraq, Kuwait Export from Kuwait,  Es Sider from Libya, Bonny Light from Nigeria, Qatar Marine from Qatar, Arab Light from Saudi Arabia, Murban from UAE and finally Merey from Venezuela.

Infornation from speculators revealed the price of oil will rise further in the coming months owing to the commitment from the part of  OPEC and other stakeholders to control supply.

Reports from OPEC revealed report of the Joint OPEC-Non-OPEC Technical Committee (JTC) for November last year showing that OPEC and participating Non-OPEC producing countries have portrayed a highest level of conformity with the new adjustments in production.