OIL PRICES: The price of Nigerian oil has risen to $116.1 on the international market, making it the second most costly in the world.

Nigeria’s crude oil grade, Bonny Light, is currently trading at $116.1 per barrel after closing lower over the weekend, putting it second place for the world’s most expensive crude oil.
Nigeria’s price of crude oil is just marginally lower than Saudi Arabia’s Saharan Blend oil, which is currently selling at $118.50 a barrel.
According to available market data, Bonny Light increased by 0.26 cents, while Brent increased by 6% to $114.40.

The Organization of Petroleum Exporting Countries’ Secretariat calculated that its basket of thirteen crudes was worth $105 a barrel, up from $104 the day before.

In response to the news, Charles Majomi, an oil and gas expert, said that in order for Nigeria to raise oil production values and fulfill OPEC’s quota, security on the onshore asset must be ensured, while the cost of extracting crude from the ground must be reduced.

In his word: “The federal government needed to ensure against infrastructure vandalism and increase security to mitigate crude oil theft.

“A lot of crude oil is being diverted through illegal means even though our production is significantly higher than what we are presenting as production values to OPEC. The issue of illegal crude oil diversion is quite a disturbing issue,” he said.

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