- Prices of Nigeria’s benchmark crude oil grade, Bonny Light is going for a very high price amid an increased demand
- According to data monitoring the OPEC member's crude blend, Nigeria’s Bonny light traded as high as $127
- Crude oil grades across the world are trading very high at the international market no thanks to the supply gap created by the Russia, Ukraine war
Nigeria's crude oil grade bonny light is selling as the second most expensive in the world amid rising demand for an easy to refine blends of crude.
Data obtained from oilprice shows that among the Organisation of Petroleum Exporting Countries (OPEC) basket of twelve crudes, Nigeria's Bonny light trades at $124.72 per barrel price only lower to Saudi Arabia, Saharan Blend which sells at $124.75.
EU ban on Russian oil: Data shows Nigerian economy is more likely to suffer than gain as oil prices soar
Bonny Light is desirable because it is easier to refine, distil, and transport, and has less sulfur.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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).
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OPEC Pricing as at Tuesday 31 May
- Iran Heavy $115.00
- Saharan Blend $124.75
- Bonny Light $124.72
- Girassol $120.22
- Arab Light $113.27
- Kuwait Export Blend $124.36
Russia sells oil at a discount
Meanwhile, Russia is reported to be selling its crude oil variant Urals at a huge discount to attract buyers amid EU sanctions.
According to Bloomberg, Russia's Finance Ministry said a barrel of Urals, the country's primary export blend, sold for $73.24 from mid-April to mid-May.
CBN provides explanations as Nigeria's forex reserve drops consecutively for 30 days, now at a seven-month low
The price of Russia Oil is about 70.28% below the current price of Nigeria's blend of crude oil.
Details of EU sanctions
The European Union agreed Tuesday, 31 May 2022 to a partial ban on Russian oil by the end of 2022, joining global powers in condemning the Kremlin for its invasion of Ukraine, BusinessInsider reports.
In addition, the latest EU sanctions package also includes a ban on insurance for ships carrying Russian oil, threatening to cut off flows via sea channels as Moscow increasingly turns to Asia to unload crude that Western customers have shunned.
Nigeria loses 80% of oil production to theft - Pastor Adeboye
Meanwhile, Pastor Enoch Adeboye of the Redeemed Christian Church of God (RCCG), recently claimed that 80% of the country’s oil production is lost to theft.
The revered cleric said this on Sunday, April 3, adding that 90% of oil revenue is used to service debt in Nigeria.
“More than 80 percent of all the oil we are producing is been stolen and nobody has denied it, it came from the government."