Where does Bonny Light crude oil come from?
Bonny Light is a light-sweet crude oil grade produced in Nigeria. It is an important benchmark crude for all West African crude production. Bonny Light has particularly good gasoline yields, which has made it a popular crude for US refiners, particularly on the US East Coast.
Who buys Bonny Light crude oil?
Binh Son Refining
Vietnam’s state-owned Binh Son Refining (BSR) has bought light sweet US WTI and Nigerian Bonny light crude for delivery to its 145,000 b/d Dung Quat refinery over 15 October-31 December. The cargoes were bought through a tender.
Is Bonny Light same as Brent crude?
Brent Crude is graded as a light crude oil because of its API Gravity of 38.3 degrees. Similar to Bonny Light, Brent Crude contains sulphur of about 0.37 per cent. It is usually priced at $1 or $2 lower than WTI. Nigeria has other grades of crude oil; Qua Iboe crude oil, Brass River crude oil, and Forcados crude oil.
How much is Bonny Light crude oil today?
Oil Price Charts
| OPEC Members (Daily Pricing) | Last | % Change |
|---|---|---|
| Bonny Light | 107.09 | +2.42%(1 day Delay) |
| Girassol | 105.40 | +2.26%(1 day Delay) |
| Arab Light | 110.57 | -0.99%(1 day Delay) |
| Kuwait Export Blend | 104.19 | -3.15%(2 days Delay) |
Why is Nigerian crude oil described as light?
Most crude oil blends obtained from Nigeria are classified as light-sweet crude oil blends due to low level of sulphur content and also because they are predominantly light oil grade. …
What type of crude oil is produced in Nigeria?
light crude oils
​PRODUCTION Nigeria produces only high value, low sulphur content, light crude oils – Antan Blend, Bonny Light, Bonny Medium, Brass Blend, Escravos Light, Forcados Blend, IMA, Odudu Blend, Pennington Light, Qua-Iboe Light and Ukpokiti.
What is Bonny Light crude oil used for?
Nigerian Bonny light crude oil (BLCO) is commonly used by the local population in folklore medicine for the management of various forms of gastrointestinal problems and male reproductive capacity.
Which is better Brent or WTI?
Brent essentially draws its oil from more than a dozen oil fields located in the North Sea. It’s also still considered a sweet crude, despite having a higher sulfur content than WTI. Although most Brent is destined for European markets, it’s already used as a price benchmark for other grades.
What type of oil does Saudi Arabia produce?
crude oil
We produce five different grades of crude oil. These are: Arabian Heavy, Arabian Medium, Arabian Light, Arabian Extra Light, and Arabian Super Light.
How much does Nigeria sell a barrel of crude oil?
Crude Oil Price (US$/Barrel), Production (mbd) and Export (mbd)
| Month | January | February |
|---|---|---|
| Crude Oil Price (Bonny Light) | 54.87 | 62.48 |
| Domestic Production | 1.59 | 1.62 |
| Crude Oil Export | 1.14 | 1.17 |
How much does Nigeria earn per annum from the crude oil?
Data from the Central Bank of Nigeria (CBN) showed that Nigeria made a sum of $195 billion from the export of crude oil between 2017 and 2021. This is an average of $39 billion per annum. While $195 billion seems like a fortune for a country whose real GDP is estimated at $174.02 billion (N72.
Why is light crude oil more expensive?
Light crude oil receives a higher price than heavy crude oil on commodity markets because it produces a higher percentage of gasoline and diesel fuel when converted into products by an oil refinery.