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Nairaland Forum / Nairaland / General / Business / Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel (7345 Views)
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Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by actiondrilling: 5:38am On Jan 03, 2018 |
The price of Nigeria’s Bonny Light crude oil reached $67.10 per barrel to emerge the highest priced product among members of Organisation of the Petroleum Exporting Countries (OPEC).Apart from Bonny Light crudes, other Nigeria’s oil grades such as Brass River and Qua Iboe also appreciated in value to sell at $65.32 and $61.22 per barrel respectively yesterday at the international market. United Arab Emirate’s Murban; Algeria’s Saharan Blend and Qatar Marine also recorded impressive performance to settle at $66.83, $67.05 and $66.83 per barrel respectively.The Bonny Light is in high demand specifically by American and European refineries. It is therefore a major source of income for the oil-rich nation. The very low sulfur content of Bonny Light crude makes it a highly desired grade for its low corrosiveness to refinery infrastructure and the lower environment impact of its byproducts in refinery effluent. At a broader level, at the New York Mercantile Exchange, United State West Texas Intermediate (WTI), crude futures traded at $60.45 a barrel during the trading hours of yesterday, recording its highest since June 2015. Brent crude futures recorded a one per cent decrease in price at $66.81 a barrel yesterday, after hitting $67.29 a barrel few days ago.West Texas Intermediate (WTI) and Brent, two major crude oil benchmarks, account for 70 per cent of the weighting in the Standard and Poor’s (S&P) Goldman Sachs Commodity Index (GSCI) energy index. As a result, the energy index tends to follow major price movements in the crude oil market. The weights associated with individual commodities within the S&P GSCI index are updated every year in response to changes in global commodity production quantities and futures contract trading volumes. Although still lower than in 2011 through 2014, crude oil prices rose for the second straight year after a crude oil production-cut agreement was executed among the OPEC)and some non-OPEC countries, which partially constrained global crude oil production. The agreement came into effect in January 2017 and will continue through the end of 2018. In addition to supply-side factors, strong economic growth in both developed and emerging markets has led to higher oil demand. OPEC Secretary General, Mohammad Sanusi Barkindo, during the association’s yearly general assembly, attributed the improvement in prices of crude oil to the declaration of cooperation by OPEC and non-OPEC members. Barkindo stated: “Together with our non-OPEC partners, we have co-authored a new chapter in the history of this industry, one that is about cooperation, stability and sustainability. Our work together over the past year has forged new relationships between OPEC and non-OPEC countries, which never existed in the past. This has led to new friendships, new opportunities and laid the groundwork for ongoing future cooperation. We can be very proud of what we have achieved working together. “The decisions we made were historic and mark the first time in the history of the industry that 24 OPEC and non-OPEC producers have joined forces to help contribute to improving oil market stability. I am happy to say that we can now firmly put to rest any suggestions that this process we have started and the Declaration of Cooperation could not be successful.” http://www.akelicious.com/2018/01/nigerias-bonny-light-crude-oil-hits.html
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Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by Amberon11: 7:32am On Jan 03, 2018 |
After all the insult we (NDs) have received for "being all about oyel money" and how "oyel would soon be irrelevant", you'd think they'd leave "our oyel alone. But no, they want to die on top. Happy New Year to all reasonable Nigerians. 8 Likes 4 Shares |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by koolib(m): 7:34am On Jan 03, 2018 |
Slow and steady |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by Tommfrench(m): 7:34am On Jan 03, 2018 |
k |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by Obiossy(m): 7:34am On Jan 03, 2018 |
We we |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by Nobody: 7:34am On Jan 03, 2018 |
That fool at the top will still give his zombies excuses. 2 Likes |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by olaolulazio(m): 7:35am On Jan 03, 2018 |
2018, whether Buhari, APC, PDP likes it or not... I'm making it big this year. 14 Likes |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by Papachulo(m): 7:35am On Jan 03, 2018 |
Interesting... |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by Nobody: 7:36am On Jan 03, 2018 |
and the benifet to tne country |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by ednut1(m): 7:38am On Jan 03, 2018 |
How does it benefit the common man 1 Like |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by Stycon(m): 7:44am On Jan 03, 2018 |
SweetPuffPuff: I guess more money (crude oil earnings) to finance ya budget and probably more fund to your excess crude oil account too, other thing being equal |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by DieBuhari: 7:44am On Jan 03, 2018 |
kkko: Only Yoruba muslims still accept his excuses. Even their superiors, the northern muslims who sight the moon for them have long abandoned Buhari. 2 Likes 1 Share |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by yanshDoctor: 7:46am On Jan 03, 2018 |
that's means petrol price will keep going up. just only if we can refined our product. but for now its at a disadvantage side. 1 Like |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by DieBuhari: 7:46am On Jan 03, 2018 |
ednut1: Nothing. Instead petrol price will go up. Nothing is an advantage in this evil regime. 2 Likes |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by hardywaltz(m): 7:46am On Jan 03, 2018 |
Double edge sword... Increase in Revenue for Naija Increase in price of imported petroleum products... |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by omowolewa: 7:46am On Jan 03, 2018 |
More to save |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by sinaj(f): 7:48am On Jan 03, 2018 |
They should develop ND plsssssss |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by bettercreature(m): 7:49am On Jan 03, 2018 |
The higher the oil price the higher the subsidies High oil price is a blessing to the cabals not a common man |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by Liturgy(m): 7:49am On Jan 03, 2018 |
Hoping this development will make a meaningful impact on people at the grassroot. 1 Like |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by PeaceGord: 7:58am On Jan 03, 2018 |
Buhari is an unbridled fool. |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by Nobody: 8:09am On Jan 03, 2018 |
Stycon:yh but i mean how will it improve life for everyday nigerians that u should care. Also i wanted a report of how it has been doing so. |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by ArikeBooks: 8:16am On Jan 03, 2018 |
#NAIJAWhichWay? #startadialogue #askquestions #hope #change #progress Read free excerpt, Amazon link in profile: "NAIJA-Which Way?" a novel by Arike Ayodele @ArikeBooks
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Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by simplemach(m): 8:24am On Jan 03, 2018 |
They will still not know what to do with the money |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by peter1994(m): 8:26am On Jan 03, 2018 |
Crude oil business will keep being profitable for a while. Imagine if we had many other Tangible source of export to support this, and leaders who have the will and capability to move us forward, Nigeria will indeed be a wonderful place to be. We have a decent youth population but they busy themselves with going to school / looking for admission / managing on a 30k job with hope of getting a well paying job IN THE FUTURE. TBT it will be very unreasonable to expect everyone to go to school. Even developed countries in North America and Europe have a very large number of people that didn't go to higher institution, yet they live a decent source of lively hood. But here, the situation is a little different |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by KanuJEWSarePIGS: 8:38am On Jan 03, 2018 |
DieBuhari: No mind those ones. If only they knw IGBO JEWS and HAPPINESS are two parallel line that can never meet untill the end of time. |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by Jones4190(m): 8:41am On Jan 03, 2018 |
YOU WON!!! Biology says that after sexual intercourse, about 200-300 million sperms are deposited by the man, they all begin to swim upwards within the tract to meet with the ovum. Of the over 200 million that are deposited, only 300-500 actually reach the site (others get tired on the way because it is no small race). And of the 300 that manage to reach the egg only one fertilises the egg, and in this case the winning one was YOU...!!! Have you ever thought about this? You ran a race without your eyes and you won, you ran without a certificate and you won, you ran without a thump print and you won, you ran without an education, you ran without help...and you won. What makes you think that you will lose now? Now that you have eyes, ears, hands and legs, now that you have a certificate, now that you have a plan, a dream and a vision... You didn't give up on day one, you can't give up now, giving up now is an insult to your creator. It doesn't matter what you see now, always remember that you WON from the womb. NeverGiveUp |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by pat077: 8:56am On Jan 03, 2018 |
So the higher the price @ the international market, the more we pay 4 pms back home...... Make the price kuku fall so we have to pay less for the product |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by richeeyo(m): 8:57am On Jan 03, 2018 |
Amberon11:Wait till they use fighter jets to chase you out of your oyel land, kiddo |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by richeeyo(m): 8:59am On Jan 03, 2018 |
yanshDoctor:You gat wrong view If international price is up, less pressure on oil producing countries consumers |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by AishaBuhari: 9:10am On Jan 03, 2018 |
richeeyo:Nope! He got it right because in this administration of ours the reverse is always the case. |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by Stycon(m): 9:15am On Jan 03, 2018 |
SweetPuffPuff: Although I sense your question is kinda rhetorical and you sort of stressing the fact that government have failed us. However, it should interest you to know that increase in global oil price has a way of cascading to affect an average Nigerian. For instance, I guess you are aware that an average Nigerian was affected by the recent plummet in global oil price. This limited the availability of fund meant to finance both capital and recurrent expenditure. And this affected the salary earners negatively, even market women were not spared. Same way this increase could positively cascade through out the economy if appropriately harnessed. Hope you are aware that financing for Nigerian budget is highly skewed towards earnings for oil and in effect the cardinal essence of government spending(let's say promoting citizen welfare) hinges on oil price . Other things being equal, we all smile if it sells at or above the benchmark set in the budget and if otherwise, what happened in 2016/2017 is the result. I agree that more earnings from oil mean better life for citizen in a sane country Please tell me you are not asking me for a report of how your government has fair so far 1 Like |
Re: Nigeria’s Bonny Light Crude Oil Hits $67.10 A Barrel by Nobody: 9:19am On Jan 03, 2018 |
actiondrilling: Buhari why? |
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