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Bonny Light, Nigeria’s crude grade, trades at $$65.36 per barrel Stephen U.C, 26th Feb, 2021 Nigeria’s grade of crude oil, Bonny Light, yesterday, witnessed a marginal rise of $1.63 cent, or 2.56 percent rise to $65.36 per barrel from the previous day, giving further relief to the nation’s budget benchmark, even as Organisation of the Petroleum Exporting Countries Plus (OPEC+) mulls oil production increase. This development, according to global crude oil prices sighted by our correspondent, places the nation’s Excess Crude Account, ECA, on a positive trajectory. The ECA is the actual oil price minus the oil price benchmark....

Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $37.18 a barrel on Thursday, compared with $38.17 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), 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...

Jun 26, 2020 Barring unforeseen circumstances, President Muhammadu Buhari will on June 30 flag off the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) gas pipeline construction. The project is a 614km-long natural gas pipeline currently being developed by the Nigerian National Petroleum Corporation (NNPC). Minister of State, Petroleum Resources, Mr Timipre Sylva, made the disclosure in Abuja on Tuesday while inaugurating a ‘Committee on Gas Sector-wide Review of the Domestic Gas Pricing Framework, with the responsibility of evaluating and reviewing the price of gas in the country. The minister underscored the need for an appropriate price regime that will be beneficial to...

The Organization of Petroleum Exporting Countries hasinvited Nigeria and other members of the group for an emergency meeting. The meeting, which is expected to be via video conference, would be coming days after OPEC daily basket crude oil price made a marginal recovery to $18.93 per barrel on Thursday, after crashing to an all-time low level of $16.87 per barrel on Wednesday. OPEC secretariat officials said the meeting called by Saudi Arabia, the group’s largest producer, would involve Russia and other non-OPEC allies to attempt to reach a consensus on output cuts to halt the rapid slide in crude...