Nigeria’s Bonny Light crude is currently trading at $78.62 per barrel, outperforming major global benchmarks, as Brent and West Texas Intermediate (WTI) hover around $64.53 and $60.10 per barrel, respectively.
Bonny Light crude ended the previous trading session at $66 per barrel, slightly higher than the day before. However, as of the time of writing, it has surged to $78.62 per barrel, well above its earlier monthly peak of $75 recorded in October 2025.
The rebound followed upbeat remarks by US President Donald Trump about renewed trade negotiations with his Chinese counterpart, which helped ease market concerns over global economic growth.
Meanwhile, West Texas Intermediate (WTI) crude futures rose 0.6% to close at $60.50 per barrel, while Brent crude gained 0.8% to settle at $65. Although both benchmarks posted modest gains, they remain well below the price of Nigeria’s Bonny Light crude.
Recent data from the US Energy Information Administration (EIA) revealed a sharper-than-expected drop in US crude, gasoline, and distillate inventories, signalling stronger consumption and tightening supplies. Crude stocks fell by nearly 7 million barrels last week, well above analysts’ forecasts, prompting a reassessment of market expectations for a surplus.
Despite ongoing discussions within the Organisation of Petroleum Exporting Countries and its allies (OPEC+) over a potential output increase of about 137,000 barrels per day in December, market sentiment remains largely bullish. Traders attribute the resilience in crude prices to a sharp decline in global inventories and steady demand from Asian refiners, which continue to support premium grades such as Nigeria’s Bonny Light.
OPEC+ is reportedly considering another modest output increase of about 137,000 barrels per day in December, according to sources familiar with the group’s discussions.
In Nigeria, crude oil production fell to 1.39 million barrels per day (bpd) in September 2025, down from 1.43 million bpd in August, following a three-day strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), which disrupted operations at key production and export facilities.
Total output for the month stood at 1.58 million bpd, comprising 1.39 million bpd of crude and 191,373 bpd of condensates. The federal government has reiterated its commitment to seeking an upward revision of Nigeria’s OPEC+ production quota, currently capped at 1.5 million bpd, as it targets a broader national production goal of 2.06 million bpd.
With Bonny Light now trading well above global benchmarks, the development offers a short-term boost to Nigeria’s oil earnings. However, sustaining this momentum will depend on stable output levels, improved infrastructure, and consistent policy support to attract investment into the upstream sector.
