Nigeria’s oil futures, Brass River and Qua Iboe, have outpaced the global benchmark Brent crude, commanding a $4 per barrel premium due to rising geopolitical tensions and global economic uncertainty. As of Monday, Brass River rose by 2%, trading at $81.02 per barrel, while Qua Iboe increased by 1.59%, reaching $81.12 per barrel. In contrast, Brent crude stood at $77.34 per barrel.
ExxonMobil’s Qua Iboe, known for its high quality and low sulfur content, remains in high demand among refiners. The price boost highlights the continued global appetite for Nigeria’s light, sweet crude, prized for its efficiency in refining into premium products such as petrol and diesel. Despite this, concerns over reduced oil demand from China, the world’s largest importer, have caused a recent dip in global oil prices, which could have implications for Nigeria’s oil-dependent economy.
Credit: Businessday (Text Excluding Headline)
