Nigeria’s bonny light hits $65.36pb, as OPEC+ considers oil production raise

Nigeria’s grade of crude oil, Bonny Light, has on Thursday witnessed a marginal rise of $1.63 cent, or 2.56 percent rise to $65.36 per barrel from the previous day, giving further relief to the nation’s budget benchmark, even as Organisation of the Petroleum Exporting Countries Plus (OPEC+) is considering oil production increase.

This development, according to global crude oil prices sighted by our correspondent, places the nation’s Excess Crude Account, ECA, on a positive trajectory.

The ECA is the actual oil price minus the oil price benchmark. The value is sent to the Sovereign Wealth Fund, SWF, to be saved for the future generation, utilize as infrastructure fund, as well as stabilization fund.

The current robust recovery in oil prices over the past months is driving the idea of a new commodities supercycle in which prices remain above-trend for many years to come.