(3 minutes read)
- Nigeria’s Bonny Light crude yesterday (Thursday) dropped to US$68 per barrel o due to rising inventory by the American Petroleum Institute (API)
- With a record US$7 slide in less than two days, API had reported a build in crude oil inventories of 806,000 barrels for the week ending July 16
- This brought the total 2021 crude draw to less than 50 million barrels
Nigeria’s Bonny Light crude yesterday (Thursday) dropped to US$68 per barrel o due to rising inventory by the American Petroleum Institute (API).
With a record US$7 slide in less than two days, API had reported a build in crude oil inventories of 806,000 barrels for the week ending July 16. This brought the total 2021 crude draw to less than 50 million barrels.
There was a recent agreement by the Organization of Oil Exporting Countries (OPEC) and its alliance to boost production monthly by 400, 000 barrels per day. Nigeria had set a budget benchmark of US$57 per barrel for the 2022 budget and higher crude oil production at 1.88 million barrels per day (bpd).
The latest OPEC decision authorized the nation to produce 1.829 million barrels per day from 2022. The price remained within the ambit of the projected price benchmark for 2022, payment of subsidy continues to lay siege to revenue generation.
