Nigeria’s excess crude account has been projected to rise as the price of Bonny Light leaps towards $75 per barrel in the international market.
The price of Bonny Light stood at $74 per barrel in the market Monday, 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.
OPEC stated that: “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).”
At the current price, Nigeria generates $28.06 per barrel in excess of the $45 per barrel reference price of the 2018 budget.
This amounts to an excess revenue of $64.5 million daily as the nation had budgeted to produce 2.3 million barrels per day in the budget.