Nigeria’s Bonny light rises towards $70 per barrel

THE price of Bonny Light, Nigeria’s premium crude oil grade has risen to $68.03 from  $67 per barrel, $23 in excess of the $45 per barrel benchmark price of the 2018 budget. OPEC The prices of other crude oil grades, including Brent and WTI also stood at $67.57 and $61.47 per barrel in the global market yesterday. OPEC stated that: ‘’The price of basket of 14 crudes stood at $65.86 a barrel on Friday, compared with $66.13 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).” The price of oil is expected to rise further in the coming months as a result of the commitment of OPEC and other stakeholders to control supply. The organisation indicated in its latest report that the report of the Joint OPEC-Non-OPEC Technical Committee (JTC) for the Month of November 2017, OPEC and participating Non-OPEC producing countries have shown highest level of conformity with their respective adjustments in production.