By David Akinmola
Nigeria’s crude oil prices have held firm at around $67 per barrel, largely due to improving relations between the United States and China a development that has boosted global economic confidence and revived demand prospects in the oil market.
According to market analysts, the recent de-escalation of trade and technology tensions between the two economic superpowers has reassured investors that global growth may recover faster than earlier feared. The U.S. and China are the world’s biggest consumers of crude oil, and any sign of cooperation between them tends to lift demand expectations and stabilize prices.
Bonny Light, Nigeria’s premium crude grade, traded at about $67 per barrel on Friday, maintaining steady levels amid broader market optimism. Experts say the price stability reflects renewed buying interest as traders anticipate stronger industrial activity and energy consumption from both countries.
“The easing of U.S.-China tensions has reduced market anxiety over a possible global slowdown,” said one Lagos-based energy economist. “For Nigeria, this is positive news because crude remains the mainstay of the economy and determines fiscal stability.”
The improved diplomatic tone has also triggered capital inflows into commodities and emerging markets, further supporting oil prices. Additionally, supply discipline from OPEC+ members and production cuts in some non-OPEC countries have helped maintain market balance.
With Nigeria’s 2025 budget benchmark pegged at $64 per barrel, the current $67 price level provides a slight revenue cushion for the government. Analysts, however, warn that ongoing geopolitical uncertainties in the Middle East and fluctuations in U.S. stockpiles could still influence short-term price movements.
In essence, Nigerian crude prices are holding firm not merely because of supply-side factors, but primarily due to renewed optimism in global trade and economic cooperation between Washington and Beijing — a development that has restored some calm to the volatile oil market.
