Nigerian Crude settles for $76 a barrel amid Trump’s spat with Zelensky

Oil traders favor Nigerian oil blends due to their prevalence of light oil grades and low sulfur content.

Brass River, Bonny Light, and Qua Iboe—the nation’s key oil blends—are trading above $75 per barrel, approximately $3 higher than the Brent contract, demonstrating this preference.

The White House spat between Ukrainian President Volodymyr Zelenskyy and former U.S. President Donald Trump rattled the crude oil market on Friday.

Brent crude futures ended Friday’s trading session at $72.81 per barrel, down 1.2 percent. West Texas Intermediate (WTI) posted a 0.84 percent decline, closing at $69.76 per barrel.

These major oil benchmarks recorded monthly declines for the first time in three months.

WTI—the preferred import blend for Dangote Refinery—rallied before a heated on-camera exchange between Trump and Zelenskyy in the Oval Office regarding a potential cease-fire deal in the Russia-Ukraine conflict.

“You are risking millions of people’s lives,” Trump told Zelenskyy. “You’re gambling with World War 3, and what you’re doing is very disrespectful to this country.”

Following the meeting, Zelenskyy expressed gratitude on the social media platform X, posting: “Thank you, America. Thank you for your support. Thank you for this visit.” He also acknowledged the American people, Congress, and the president, stating, “We are working to bring about the lasting peace that Ukraine needs.”

The U.S. trade tariffs on China are expected to reduce the competitiveness of Chinese goods, casting a negative outlook on oil consumption, as China is the world’s largest crude oil importer.

Brent crude prices drifted lower throughout February after a strong start to the year, initially fueled by a combination of harsh winter conditions and the latest round of U.S. sanctions on Russia’s oil industry, which went further than expected.

Meanwhile, Russia is prioritizing trade with China and redirecting tankers to service the Russia-China Far East route after the U.S. sanctioned dozens of vessels in January.

According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria’s crude oil production has increased by up to 70% since 2021.

NUPRC Chief Executive Officer Gbenga Komolafe stated that Nigeria’s technical potential output is estimated at 2.2 million barrels per day.

“Nigeria’s enormous oil reserves present a fantastic opportunity for development and economic transformation. Our technical potential is 2.24 million barrels per day, but our current production averages around 1.75 million barrels daily,” Komolafe noted.

Kpler data revealed that Indian imports of Russian crude fell to a two-year low in February due to U.S. sanctions on Russia’s oil trade.

Kpler data revealed that Indian imports of Russian crude fell to a two-year low in February due to U.S. sanctions on Russia’s oil trade.