In a major win for Nigeria’s oil sector, Nigerian crude oil blends closed Tuesday’s session at $68 per barrel—$4 higher than the global Brent benchmark. However, the triumph comes amid growing global uncertainty triggered by erratic U.S. economic policies and trade tensions.
Farouk Ahmed, CEO of NMDPRA, warned that while Nigerian consumers might enjoy lower fuel prices, falling oil prices spell disaster for national revenue heavily dependent on crude exports.
Adding to Nigeria’s woes are militant attacks on oil pipelines in the Niger Delta, jeopardizing production and infrastructure just as President Bola Tinubu declared a state of emergency in Rivers State. Meanwhile, the global oil outlook remains bearish, with major banks like UBS and BNP Paribas slashing crude forecasts.
Nevertheless, Nigeria is taking proactive steps by launching new crude grades like Obodo to strengthen its position in European markets.
Source: Nairametrics
