Bonny light crude climbs to $78, tops global oil prices
By Olakunle Oke
Nigeria’s Bonny Light crude has climbed sharply to $78.62 per barrel, outperforming major global benchmarks such as Brent and West Texas Intermediate (WTI).
The country’s premium crude grade had ended the previous trading session at $66 per barrel, slightly higher than the day before.
However, as of the latest trading update, Bonny Light has surged past its earlier monthly peak of $75 recorded in October 2025, signaling renewed strength in global oil demand.
The rebound followed optimistic remarks by US President Donald Trump on renewed trade negotiations with China, easing market concerns over a slowdown in global economic growth.
WTI crude futures rose 0.6% to close at $60.50 per barrel, while Brent crude gained 0.8% to settle at $65. Despite these modest increases, both benchmarks remain well below the price of Nigeria’s Bonny Light.
Fresh data from the US Energy Information Administration (EIA) also showed a sharper-than-expected drop in US crude, gasoline, and distillate inventories, suggesting stronger consumption and tightening global supplies. Crude stocks reportedly fell by nearly 7 million barrels last week, far exceeding analysts’ forecasts and prompting a reassessment of expectations for a potential market surplus.
Meanwhile, discussions continue within the Organisation of Petroleum Exporting Countries and its allies (OPEC+) over a possible output increase of about 137,000 barrels per day in December. Market sentiment remains largely bullish, as traders attribute crude price resilience to a sharp decline in inventories and steady demand from Asian refiners, who continue to favor premium grades such as Bonny Light.
Back home, Nigeria’s crude oil production slipped 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). The strike disrupted operations at key production and export facilities across the country.
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, however, reaffirmed its commitment to pursuing an upward revision of Nigeria’s OPEC+ production quota, currently capped at 1.5 million bpd, as part of efforts to achieve a national target of 2.06 million bpd.
With Bonny Light now trading well above global benchmarks, analysts say the development could offer a short-term boost to Nigeria’s oil earnings. However, sustaining this momentum will depend on stable production, improved infrastructure, and consistent policy measures to attract fresh investment into the upstream sector.