The price of Nigeria’s Bonny Light premium oil grade has reportedly risen to $64.30 per barrel.

According to Vanguard, the  price of Bonny Light, Nigeria’s premium oil grade has risen from $63.00 to $64.30 per barrel in the international market, the highest in the past three weeks.

The latest price showed an excess of $7.30 per barrel against the $57.00 reference price of the nation’s 2020 budget.

Market watchers attributed the development to the continued efforts of the Organisation of Petroleum Exporting Countries (OPEC) to achieve stability in the volatile market.

In an email to Vanguard, OPEC stated that the meeting of its members – Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Indonesia, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon, Angola, Equatorial Guinea, and Congo – to review the market would take place in Vienna, Austria on December 5, 2019.

Details coming…

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