Nigerian Crude sells below $65 per barrel, OPEC revamps oil production (Nairametrics)

4 May 2025 05:06 pm
Energy

The price of Nigerian crude has dropped below $65 per barrel marking a significant decline from previous levels. This can be attributed to OPECs decision to ramp up oil production which has led to an oversupply in the market. This is a cause for concern for Nigeria as oil exports make up a large portion of the countrys revenue. The oversupply of oil in the market is expected to continue leading to further price drops. This development highlights the need for Nigeria to diversify its economy and reduce its reliance on oil exports in order to mitigate the impact of price fluctuations.

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  • 1) Nigeria's crude oil is cheap at under $65, is this a sign of weak demand specifically for our crude, or a bigger global issue?
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  • 2) As our crude prices drop in the global market, Do you think this signal more economic trouble for Nigeria?
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  • 3) Given the low price of Nigerian crude at the global market, don't you think this is a wake-up call to diversify our economy faster and more seriously?
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