Nigeria’s Bonny Light Crude Rises to $67 per Barrel After Israel Strikes Qatar

The price of Nigeria’s Bonny Light crude has climbed to $67 per barrel in the global market, up from $65, following Israel’s surprise attack on Hamas targets in Qatar.

The incident in Qatar, a key oil and gas-producing nation and former OPEC member, fueled speculation in global markets, pushing oil prices higher. Brent crude, the global benchmark, also rose to $66.58 per barrel — more than $1 above its pre-attack level of $65.

Despite the increase, oil prices remain below Nigeria’s 2025 budget benchmark of $75 per barrel, which is based on daily production of 2.06 million barrels and an exchange rate of ₦1,500 to the dollar.

Market watchers expect continued volatility as the global oil market reacts to the Middle East conflict and other international developments.

Meanwhile, OPEC+ recently announced a phased easing of its production cuts, a move that could add 137,000 barrels per day to the market starting October 2025. Analysts warn this could drive prices down, possibly below $60 per barrel.

Mazi Colman Obasi, National President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), said:

“Relaxing oil cuts at this time means increasing supply, which is expected to culminate in pumping additional supplies to the market, thus causing prices to drop below $60 per barrel.”

Another analyst noted that the development could undermine Nigeria’s 2025 budget, which is predicated on a benchmark of $75 per barrel, 2.06 million barrels per day, and an exchange rate of ₦500 per dollar.

OPEC+ clarified that while the 137,000 barrels per day adjustment is set for October 2025, the group retains the flexibility to pause or reverse the decision depending on market conditions.