By Divine Sam
On the first trading day of 2025, global oil prices showed a positive trend, with both Brent Crude and West Texas Intermediate (WTI) increasing by 0.13% and 0.14%, respectively. As of the report, Brent Crude was priced at $76.03 per barrel, while WTI stood at $73.25. The uptick in prices was driven by optimistic expectations surrounding stronger economic growth and increased oil demand in 2025.
For Nigeria, the Brent Crude price crossing the $75 per barrel mark is significant, as it aligns with the country’s proposed oil price benchmark for its 2025 budget. Despite a decline in oil prices in 2024 (around 3% lower than the closing price of 2023), Nigeria’s crude oil production rose to 1.81 million barrels per day in November 2024, according to the Nigerian National Petroleum Company Limited. This could suggest a rebound in oil output, potentially benefiting Nigeria’s oil sector in the coming year.
Leave a Reply