Nigeria’s revenue from crude oil is set to get a major boost, as its crude grades hit $113 per barrel on Thursday, way above the international Brent’s $96 per barrel.
As of 9:54 AM WAT, market data sourced by Channels Television showed that Nigerian crude grades, Brass River and Qua Iboe, sold for $113.82 and $113.72 per barrel, respectively.
On the other hand, Brent was sold for $96.54 per barrel, gaining just $1.61 (1.70%) from the last trading session on Wednesday.
The development comes as Minister of Finance, Wale Edun, on Wednesday, on the sidelines of the International Monetary Fund and World Bank Group spring meetings in Washington, said Nigeria’s crude oil production has hit 1.8 million barrels per day.
READ ALSO: Higher Oil Production Gives Nigeria Fiscal Space As Reforms Continue – Edun
Edun said rising crude production would boost revenue, foreign exchange, and the fiscal situation of the country.
“It gives us that extra fiscal space within which to look at … helping the vulnerable households at this time.”
Rising global crude oil prices will see Nigeria’s revenue increase, as the Federal Government set the 2026 oil benchmark at $60 per barrel.
The U.S. dollar held near its lowest level since early March against major currencies on Thursday, as hopes for a peace deal with Iran buoyed sentiment and encouraged traders to shed safe-haven positions.
The dollar index, which measures the currency’s strength against six major peers, was steady at 97.969. It declined for eight straight sessions through Wednesday to give up most of the gains sparked by the war.
Meanwhile, the Naira appreciated on Thursday’s opening session in the Nigerian Foreign Exchange Market (NFEM), trading at approximately N1,344.20 per Dollar.
Real-time data as of 7:00 AM WAT showed the currency maintaining a stable range, hitting an early high of N1,343.83 before settling near the N1,344 mark.
Analysts attributed the positive movement to improved foreign currency inflows and the Central Bank of Nigeria’s consistent efforts to clear the backlog of foreign exchange demands.
Nigeria’s crude oil revenue in 2025 was estimated at roughly N55.5 trillion, driven by approximately 530.41 million barrels produced.
While production improved from around 1.38 million to 1.8 million barrels per day (bpd) in early 2026, the oil sector frequently misses OPEC quotas due to operational challenges and pipeline issues, affecting overall earnings.
Key terminals driving the country’s crude production include Forcados, Bonny, Qua Iboe, and Escravos.
The rise in crude oil prices is being bolstered by ongoing war in the Middle East.
The U.S. and Israel’s war with Iran triggered the largest ever disruption to the global energy market as Iranian threats to shipping stopped around a fifth of the world’s oil and gas supplies from transiting the Strait of Hormuz waterway.
The war has spurred more interest in Nigerian crude grades by countries affected by the closure of the Strait.
Recent reports have chronicled how crude cargoes from Nigeria are being diverted to new buyers. Channels Television has also reported how Asian countries, including Japan, have placed orders for Nigerian crude to offset those affected by the war.
A Reuters report also noted that crude oil exports from the U.S. surged last week, nearly turning the country into a net crude exporter for the first time since World War II.
The country’s shipments surged close to a record high to meet demand from Asian and European buyers who are scrambling to replace Middle East supplies cut by the Iran war.
Net imports of crude oil, or the difference between imports and exports, narrowed to 66,000 barrels per day last week, the lowest on record in weekly data that goes back to 2001, according to U.S. government data released on Wednesday, while exports climbed to 5.2 million bpd, the highest in seven months.
READ ALSO: Iran: US Crude Exports Surge As Country Nears Net Exporter First Time Since World War II
About 2.4 million bpd, or some 47% of U.S. exports last week, sailed toward Europe, according to ship tracking service Kpler.
Around 1.49 million bpd, or about 37%, headed to Asia, up from 30% a year ago.
Top buyers included the Netherlands, Japan, France, Germany, and South Korea.
