NNPC Raises Selling Prices for Bonny Light, Qua Iboe

By Adedapo Adesanya

The Nigerian National Petroleum Corporation (NNPC) on Monday raised its August official selling prices for Bonny Light crude oil and Qua Iboe crude oil, two of the country’s major crudes, to dated Brent plus 61 cents and plus 65 cents per barrel respectively.

The loading programmes for Bonny Light and Forcados will both have seven cargoes, Bonga will have four and Qua Iboe six.

Total loadings for the four key grades will be at 756,000 barrels per day in September up slightly from 743,000 barrels per day in August.

As for the smaller streams, there will be three Akpo cargoes including one partial cargo, four Egina cargoes including one partial, three cargoes of Amenam, one cargo each of Yoho, Usan and EA as well as two Erha.

Bonny Light and Qua Iboe were being offered at about dated Brent plus 90 cents to plus $1.

Meanwhile, the price of crudes belonging to members of the Organisation of the Petroleum Exporting Countries (OPEC) fell further, this time to 43.03 per barrel on Monday, July 20.

Compared to the preceding day, the 13 crudes average dropped 19 cents or 0.44 per cent from $43.22 according to the latest OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

The decline can be attributed to demand recovery worries which continue to remain uncertain with rising cases of the coronavirus pandemic across major countries.