- Bonny Light crude records its most significant weekly gain since June after US sanctions on Russian producers.
- Nigeria’s oil revenues rise above the 2025 benchmark as global demand for its crude increases.
Nigeria’s Bonny Light crude surge has captured global attention as prices reach their highest weekly gain since June. The rise follows United States sanctions on leading Russian oil companies, shaking global supply and driving traders to seek alternatives.
Produced in the Niger Delta, Bonny Light crude is light and sweet, known for its low sulphur and high-quality yield. Refiners favour it for producing valuable fuels such as diesel and petrol. Because of its superior quality, it often trades slightly above the Brent benchmark.
This week, Bonny Light gained 8.2%, marking its largest rise since mid-June 2025, when prices moved from $64 to $69.50 per barrel. The increase was driven by OPEC+ production discipline and a recovery in global demand. The latest surge has lifted Nigeria’s oil revenue above its 2025 budget benchmark of $75 per barrel.
On Friday, West Texas Intermediate (WTI) traded below $62, while Brent crude hovered near $66, rising by around 7% for the week. Analysts link Bonny Light’s strong performance to falling Russian crude exports to India and reduced Chinese purchases after sanctions on Rosneft PJSC and Lukoil PJSC.
Meanwhile, Ukraine continues attacking Russian refineries and pipelines, worsening supply concerns. The European Union has also tightened sanctions on Russia’s energy infrastructure, pushing more buyers toward African and Middle Eastern oil.
Kuwait’s oil minister warned that prices may continue to rise. However, he assured markets that OPEC would be ready to increase output if global demand strengthened. In response, Russian producers reportedly use shadow tankers and new trade networks to reduce losses.
Next week, the United States and China will discuss their role in the China-Russia oil trade, which could shape future supply trends. Nigeria stands to gain significantly from the Bonny Light crude surge, reinforcing its importance in the global energy market.