Nigeria’s premium crude grades surged above major global benchmarks, with Brass River and Qua Iboe both trading above $115 per barrel, outperforming Brent and West Texas Intermediate (WTI) in the latest global oil pricing session.
As at the time of writing 08:05 am (WAT), Brent crude traded at $110.5 per barrel, down 1.42 per cent, while WTI stood at $103.7 per barrel, down 0.62 per cent, according to Oilprice.com.
In contrast, Nigerian crude grades posted stronger gains, with Brass River rising to $116.05 per barrel, up $3.68 or 3.27 per cent, while Qua Iboe climbed to $115.95 per barrel, also up $3.68 or 3.28 per cent.
The performance places Nigerian crude well above the Brent benchmark, highlighting stronger demand for light sweet grades amid tightening global supply conditions and shifting refinery preferences.
Market analysts note that the premium pricing reflects continued appetite for West African crude in Europe and parts of Asia, where refiners are adjusting procurement strategies amid global supply disruptions and geopolitical uncertainty.
The divergence between Nigerian grades and global benchmarks also underscores regional supply dynamics, as traders increasingly compete for limited barrels of high-quality crude suitable for efficient refining.
Nigeria’s stronger crude pricing comes at a time when global oil markets remain volatile, with supply constraints and geopolitical tensions continuing to influence price movements across major trading hubs.
Industry observers say sustained strength in Nigerian crude grades could improve export revenues for Africa’s largest oil producer, even as broader market conditions remain sensitive to global demand and supply shifts.
However, analysts caution that price gains remain tied to broader market instability, meaning volatility could persist in the short term depending on geopolitical developments and production adjustments from key global producers.