"Nigerian Crude Settles for $76 a Barrel Amid Trump\u2019s Spat with Zelensky"

" Nigerian Crude Settles for $76 a Barrel Amid Trump\u2019s Spat with Zelensky \r\n\r\nNigerian crude settled at $75.68 per barrel in the last trading session of February amid heightened geopolitical uncertainty.\r\n\r\nOil traders favor Nigerian oil blends due to their prevalence of light oil grades and low sulfur content.\r\n\r\nBrass River, Bonny Light, and Qua Iboe\u2014the nation\u2019s key oil blends\u2014are trading above $75 per barrel, approximately $3 higher than the Brent contract, demonstrating this preference.\r\n\r\nThe White House spat between Ukrainian President Volodymyr Zelenskyy and former U.S. President Donald Trump rattled the crude oil market on Friday.\r\n\r\nBrent crude futures ended Friday\u2019s trading session at $72.81 per barrel, down 1.2 percent. West Texas Intermediate (WTI) posted a 0.84 percent decline, closing at $69.76 per barrel.\r\n\r\nThese major oil benchmarks recorded monthly declines for the first time in three months.\r\n\r\n High Geopolitical Uncertainty Disrupts the Energy Market \r\n\r\nWTI\u2014the preferred import blend for Dangote Refinery\u2014rallied before a heated on-camera exchange between Trump and Zelenskyy in the Oval Office regarding a potential cease-fire deal in the Russia-Ukraine conflict.\r\n \r\n \t Trump criticized the Ukrainian president for not showing enough appreciation for U.S. assistance in the conflict with Russia. He claimed Zelenskyy lacked negotiating power and suggested that Ukraine could be in a stronger position if it proposed a rare earth minerals deal. \r\n \r\n\u201cYou are risking millions of people\u2019s lives,\u201d\u00a0Trump told Zelenskyy.\u00a0\u201cYou\u2019re gambling with World War 3, and what you\u2019re doing is very disrespectful to this country.\u201d\r\n\r\nFollowing the meeting, Zelenskyy expressed gratitude on the social media platform X, posting: \u201cThank you, America. Thank you for your support. Thank you for this visit.\u201d He also acknowledged the American people, Congress, and the president, stating, \u201cWe are working to bring about the lasting peace that Ukraine needs.\u201d\r\n \r\n \t Selling pressure on major oil benchmarks increased significantly as concerns about the global economy intensified in response to Trump\u2019s latest tariff threats. He announced via Truth Social on Thursday that he was prepared to impose an additional 10% tariff on China. \r\n \t Trump emphasized that fentanyl\u2014primarily entering the U.S. through Canada and Mexico\u2014is manufactured and supplied by China. \r\n \r\nThe U.S. trade tariffs on China are expected to reduce the competitiveness of Chinese goods, casting a negative outlook on oil consumption, as China is the world\u2019s largest crude oil importer.\r\n\r\n Declining Interest in Russian Crude Benefits Nigerian Oil \r\n\r\nBrent crude prices drifted lower throughout February after a strong start to the year, initially fueled by a combination of harsh winter conditions and the latest round of U.S. sanctions on Russia\u2019s oil industry, which went further than expected.\r\n \r\n \t India and China emerged as major buyers of Russian crude following the Russian invasion of Ukraine and the subsequent Western oil embargo. India, the world\u2019s third-largest oil importer, now sources most of its crude from Russia. \r\n \t However, Indian imports of Russian crude fell to 11.4 million barrels per day (bpd) in February\u2014a 14 percent decrease from January. \r\n \t Indian refiners are avoiding tankers specifically sanctioned by the U.S., increasing the attractiveness of Nigerian crude as cheap Russian barrels disappear from India, which imports more than 80 percent of its daily crude consumption. \r\n \r\nMeanwhile, Russia is prioritizing trade with China and redirecting tankers to service the Russia-China Far East route after the U.S. sanctioned dozens of vessels in January.\r\n\r\n Evolving Dynamics in Nigeria\u2019s Energy Industry \r\n\r\nAccording to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria\u2019s crude oil production has increased by up to 70% since 2021.\r\n\r\nNUPRC Chief Executive Officer Gbenga Komolafe stated that Nigeria\u2019s technical potential output is estimated at 2.2 million barrels per day.\r\n\r\n \u201cNigeria\u2019s enormous oil reserves present a fantastic opportunity for development and economic transformation. Our technical potential is 2.24 million barrels per day, but our current production averages around 1.75 million barrels daily, \u201d Komolafe noted.\r\n \r\n \t Under the Petroleum Industry Act, Nigerian oil producers\u2014including foreign oil companies\u2014are required to set aside a certain amount of crude for domestic refineries before exporting. However, producers argue that refiners are not offering competitive prices, making compliance challenging. \r\n \t Meanwhile, NUPRC recently announced that it would not issue export permits for oil cargoes from producers who fail to meet their specified supply quotas. \r\n \t In a statement, the NUPRC reminded oil exploration and production companies of their obligations and the consequences of non-compliance. Dangote Refinery has urged regulators to enforce the law. \r\n \r\nKpler data revealed that Indian imports of Russian crude fell to a two-year low in February due to U.S. sanctions on Russia\u2019s oil trade."

"Nigerian Crude Settles for $76 a Barrel Amid Trump\u2019s Spat with Zelensky"

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