Oil Price in Nigeria — Brent & WTI Crude Today

Nigeria is Africa's largest oil producer and a key OPEC member, with onshore and delta offshore fields. Export grades like Bonny Light are priced relative to Brent, making the benchmark central to government revenue.

Classified here as a opec member state, Nigeria trades against Dated Brent. That is the pricing reference the sections below work from — the headline Brent number quoted at the top of this page is the global marker, not necessarily the price Nigeria settles at.

Nigeria is an OPEC member, which means its production is subject to a group quota rather than set purely by field capacity and price. Quota decisions taken at OPEC and OPEC+ ministerial meetings therefore move the Brent price and Nigeria's own export volumes at the same time — and the two do not always pull revenue in the same direction. A cut that lifts the benchmark can leave total receipts flat if the volume reduction offsets the price gain.

Dated Brent is the reference for Atlantic Basin, European and West African trade, so the headline Brent price maps fairly directly onto import and export contracts here.

Nigeria refines for its own market. Domestic refining means crude is imported or produced and converted locally, so the local fuel price reflects crude cost plus the domestic refining margin rather than the landed cost of finished product. Refinery outages and turnaround schedules can therefore move pump prices here independently of Brent.

Crude is invoiced in US dollars worldwide. Where local prices are quoted in dollars or in a dollar-pegged currency, that removes one layer of volatility: buyers in Nigeria face the crude move on its own, without an exchange-rate move stacked on top of it.