By Atoyebi Nike
Nigerian crude prices stayed largely steady but remained below the $70 mark as investors tracked the impact of Ukrainian drone attacks on Russian refineries and export hubs. Bonny Light and Brass River were last quoted under $68 per barrel, while Brent crude climbed to $67.3 and US West Texas Intermediate rose to $62.8.
The strikes targeted Russia’s Primorsk terminal, which loads about one million barrels daily, and the Kirishinefteorgsintez refinery, one of the country’s largest. Ukraine confirmed responsibility for the attacks, while Moscow pledged to sustain output despite disruptions.
In Washington, President Donald Trump renewed threats of sanctions on Russia unless Europe moves to curb oil purchases. “I don’t want them to buy oil,” he told reporters, urging a joint European response.
Back home, Nigeria reported crude losses at their lowest since 2009, averaging 9,600 barrels per day between January and July 2025. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) attributed the drop to tighter metering, military crackdowns on theft, and 37 new evacuation routes authorized by President Bola Tinubu’s government. Total losses for 2024 were 4.1 million barrels.
NUPRC chief Gbenga Komolafe said the sector also secured more than $400 million in decommissioning liabilities during recent divestments. Shell PLC finalized the sale of its Niger Delta subsidiary in March, though regulators delayed a $1.33 billion transfer to address environmental obligations.
Meanwhile, global markets await progress from US China trade talks in Madrid, where Washington is pressing allies to impose tariffs on Beijing partly over its Russian oil imports. The Federal Reserve is expected to announce its first interest rate cut of 2025 this week, as weaker US job data and inflation concerns add to uncertainty over global fuel demand.
