Connect with us


OPEC daily basket price now $110.46 per barrel, Nigeria’s oil still among most expensive



The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples closed Wednesday trade $110.46 per barrel.

OPEC Secretariat calculations as released by OPEC on its website show the closing rate yesterday was a huge drop when compared to 115.99 dollars per barrel it stood at the end of Friday last week.

The OPEC Reference Basket of Crudes (ORB) is made up of the Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Bonny Light (Nigeria) and Zafiro (Equatorial Guinea).

Read also: OPEC raises Nigeria’s oil production quota as Brent closes in on $120

Others are Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Nigeria’s oil Bonny Light however remains one of the most expensive as it closed Midweek trading day $114.33 per barrel.

The price of Nigeria’s oil is only lower than Saudi Arabia’s Saharan Blend which closed the day at $115.64 per barrel.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now