Lagos — Nigeria’s most-priced crude oil grade, Bonny Light gained 4 percent in March 2021, according to OPEC data.
The crude grade which had traded at $61.91 per barrel in January rose to sell at $65.57 per barrel in March.
Brent international traded at $65.41 in March.
Newly released Monthly Oil Market Report, MOMR for May by the Organization of the Petroleum Exporting Countries, puts Bonny Light on the number four spot to have traded at a higher price in March among OPEC’s 13th crude basket.
While Bonny Light sold at $65.57 in the month under review, Girassol traded at $66.04 per barrel, Zafiro traded at $65.99, Sahara Blend at $65.76.
However, Bonny Light’s four percent gain quickly dropped the following month (April) as it was sold for $74.17 per barrel, losing $-1.40 per barrel between March and April.
The West African country had set her 2021 national budget at $40 per barrel on a 1.9million barrels per day oil production.
OPEC puts the country’s oil production at 1.4mb/d from January to March, and 1.3mb/d in April due to the ongoing cuts with its non-OPEC partners.
Although OPEC had given Nigeria a cut quota of 1.5, the country is currently offsetting for months of overproduction.
As a result, due to the country’s positive efforts at compensating for defaulting in its cut quota, OPEC recently appointed its Minister of States for Petroleum Resources, Timpre Sylva as a special convoy to overseeing full compliance of other defaulting OPEC members.
Brent International sold at $68.71 per barrel during its last trade on Friday.
OPEC+ ministers plan to convene online by June 1 to review market forecasts, adjudicate compliance, and decide whether or not to continue with their gradual easing of quotas.