Global oil prices saw a positive start to 2025, with Brent Crude and West Texas Intermediate (WTI) both recording increases. As of the first trading day, Brent Crude rose by 0.13% to $76.03, while WTI saw a 0.14% increase, reaching $73.25.
This surge is attributed to optimistic market sentiment driven by expectations of stronger economic growth and a boost in oil demand throughout the year. The rise in prices also aligns with Nigeria’s proposed 2025 budget, which is based on a $75 per barrel benchmark for oil prices.
However, 2024 closed on a low note for oil prices, marking a second consecutive year of decline, with a drop of approximately 3% compared to the closing price of 2023. Despite this, Nigeria’s crude oil production saw a notable increase in November 2024, reaching 1.81 million barrels per day, according to the Nigerian National Petroleum Company Limited.
