According to Bloomberg, the price of bonny light, Nigeria’s premium oil grade, crashed from about $28 to $12 or $13 a barrel last week.The present price of bonny light is well below the cost of production for Nigerian crude producers which is about $22 a barrel and also lower than the country’s crude benchmark of $30 per barrel.
However, since the intervention, crude oil price continued a back and forth movement, indicating continued adjustment in search of the desired stability in the market. In the interview with PREMIUM TIMES, Mr Kyari, who is also Nigeria’s National Representative in OPEC, said he remained optimistic the market conditions post-OPEC intervention will rebound and stabilise.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigeria's bonny light crude slumps, trades at $12 amid supply glutAmid the uncertainties thrown up by the coronavirus pandemic, prices of Nigeria’s benchmark crude oil grade, Bonny Light, slumped significantly earlier in the week. Good news. $0 will be better news When there's no more oil money to steal may be all this political thieves will vacate office. A lot of consequences.
Source: PremiumTimesng - 🏆 3. / 78 Read more »
Nigeria's bonny light crude slumps, trades at $12 amid supply glutAmid the uncertainties thrown up by the coronavirus pandemic, prices of Nigeria’s benchmark crude oil grade, Bonny Light, slumped significantly earlier in the week. Good news. $0 will be better news When there's no more oil money to steal may be all this political thieves will vacate office. A lot of consequences.
Source: PremiumTimesng - 🏆 3. / 78 Read more »
Arsenal told to sell Aubameyang to Manchester United on one condition - Daily Post NigeriaFormer Arsenal star, Charlie Nicholas, has urged the club to sell striker, Pierre-Emerick Aubameyang, to Manchester United if the Red Devils offer We don't need him please As much as I love Auba and would have loved him to remain in Arsenal I would have preferred him to go to Real Madrid instead of Barcelona and Man U.
Source: DailyPostNGR - 🏆 11. / 59 Read more »
Don’t expect crude demand recovery before July, says OPECPetroleum minister...u dey hear am? Everyday all we hear is benchmark....you can't even think of anything else before so let us sit & wait till oil price rises. Yeye fowl!
Source: MobilePunch - 🏆 8. / 63 Read more »
BREAKING: Nigeria records highest number of coronavirus cases in a dayNigeria has recorded its highest daily number of confirmed cases of COVID-19, as 51 new cases were announced by the Nigeria Centre for Disease Control. Audio corona WDF 😭💔 Lord have mercy!!!
Source: PremiumTimesng - 🏆 3. / 78 Read more »
BREAKING: Nigeria records 51 new cases of coronavirusFifty-one new cases of coronavirus have been recorded in Nigeria.The Nigeria Centre for Disease Control (NCDC) disclosed this on its verified God we help Nigeria If we behave ourselves going forward, we will go for just one more 14 days, but if not, we will might be looking at july 51 in a day ? We warned and they said they were ready. We gradually getting there. But God show us mercy !
Source: TheNationNews - 🏆 6. / 69 Read more »