Brent crude and US West Texas Intermediate (WTI) crude prices increase, surpassing the Nigerian government and NNPC benchmarks.
Brent crude increased by 0.56 percent to $87.54 a barrel while US West Texas Intermediate (WTI) crude rose 0.79 percent, to $83.83 percent, at 20.00 WAT. Consequently, the development puts both crude benchmarks on track for their highest closes since October 27, 2023. This is above the $77.96 per barrel the federal government benchmarked as oil price in the 2024 budget.
It is also higher than the $65 per barrel used by the Nigerian National Petroleum Company (NNPC) Limited to calculate the allocated (90,000 barrels) crude in the $3.3 billion crude-for-cash loan agreement with African Export-Import Bank (Afreximbank). NNPC, in a statement on January 21, had said if “oil prices rise, more money will come in from selling the 90,000 barrels, allowing for faster repayment. However, if oil prices fall, the repayment may be slower”. “The quantity of crude earmarked (90,000 barrels) is sized to ensure enough cash is available for the repayment of the facility when it is due,” NNPC sai
Crude Oil Brent Crude WTI Crude Nigerian Government NNPC Benchmarks
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