The Organisation of Petroleum Countries (OPEC) of which Nigeria is a member, has said that its daily basket price of oil price stood at $89.64 A Barrel as at last Wednesday.
The price of OPEC basket of twelve crudes stood at $89.64 a barrel on Wednesday, compared with $90.18 the previous day, it said quoting its Secretariat calculations.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
The Eagle reports that the OPEC daily basket price provided a guide for stakeholders in the petroleum industry while providing a guide to economy planners.
Also, Bonny Light Crude Oil (BLCO) is Nigeria’s premium crude.
It is a high grade of crude oil produced from the Niger Delta basin, which got its name from the one of the famous cities in the region, Bonny.
SOURCE: theeagle.com.ng