A Review of the Nigerian Energy Industry

OPEC daily basket price close at $102.92/b

30 July 2012, Sweetcrude, Vienna, Austria –The price of OPEC basket of twelve crudes stood at 102.92 dollars a barrel on Friday, compared with $101.47 the previous day, according to OPEC Secretariat calculations.

The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

In this article

Join the Conversation

  • Nigeria has enjoyed persistently high crude oil prices but this has not translated into anything significant for the citizenry because the country runs an abnormally large government which sees most of its revenue receipt end up as recurrent expenditures – salaries and other maintenance costs.