*As Coronavirus bites harder
The price of Bonny Light, Nigeria’s premium oil grade has dropped further from $58 to $50.58 per barrel as the outbreak of Coronavirus affect oil demand in many economies, especially China.
The current price indicates $6.42 below the $57, which the nation’s 2020 budget was based.
According to the Organisation of the Petroleum Exporting Countries, OPEC Secretariat calculations, “The price of OPEC basket of fourteen crudes stood at $51.89 a barrel on Thursday, compared with $54.01 the previous day.
“The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), 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 (Venezuela).”