Bahrain Mirror: The price of Bahrain's crude oil, categorized as Arab medium oil, surged above $111 per barrel, which will provide the state budget with $16 million per day, due to implications of the Russian-Ukrainian military crisis on global markets.
Bahrain's direct export of Abu Safah crude oil for international markets reached about $111 per barrel, while Saudi oil known as Arab light reached $112.89 per barrel and Oman oil reached $112.68. UAE's Murban crude oil registered $112.68 per barrel, Qatari crude oil $109.70 and Kuwait's oil $110.
Bahrain exports 150,000 barrels per day of crude oil, its share of the 300,000 bbl/d Abu Safah offshore field with Saudi Arabia.
Bahrain will make more than $16 million a day as oil prices increase to more than $110 per barrel.
According to the general budget, if oil prices remain more than $100 for a whole year, the huge deficit will change into a historic surplus in the budget.