Nigeria’s crude oil grades have begun the year with a bullish run growing by over four per cent in the first eight days of 2025, signaling a boost for the country’s energy sector.
This is based on the analysis of the prices of Nigeria’s crude oil grades from December 31, 2024 to January 8, 2025, conducted by NewsNGR.
Bonny Light grew by 4.16 per cent to $78.62 per barrel.
As of December 31, 2024, the price of one barrel of the Bonny Light crude oil was $75.48.
Since the start of the year, Bonny Light, officially sourced by the Nigerian National Petroleum Company Ltd (NNPC), has gained $3.14 per barrel.
Brass River, another crude oil grade rose from $74.09 per barrel in December 2024 to $78.51 per barrel on January 8, 2025, growing by 5.96 per cent.
Brass River is a sweet medium light crude oil from Nigeria produced by the Nigerian Agip Oil Company (NAOC).
Over the last eight days, Brass River prices have gained $4.42 per barrel.
Qua Iboe crude is another crude oil grade that has witnessed a price surge by 4.06 per cent from the end of December to January 8, 2025.
Qua Iboe has risen from $74.19 per barrel by December ending to $77.41 per barrel on January 8, gaining $3.22 per barrel.
Mobil Producing Nigeria which is a subsidiary of ExxonMobil, produces Qua Iboe crude oil.
The Nigerian government relies on a big rally in crude oil prices for the performance of its N49.74tn 2025 budget.
The government hopes to earn an aggregate revenue of N36.35tn in 2025, a large share expected to come from proceeds of crude oil sales.
The Bola Tinubu-led government projects a crude oil output of 2.06 million barrels per day and a benchmark oil price per barrel of $75.
In November 2024, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed that the country’s crude oil production has risen to 1.8 million barrels per day, including condensates.
According to a recent Bloomberg survey, Nigeria for the first time in four years reached its OPEC quota in December with a crude oil output of 1.51 million a day, excluding condensates.
Last year October, the NUPRC pledged an additional one million barrels per day through its Project One Million Barrels Per Day Initiative.