Brent, WTI Prices Start 2025 on a High, Boosting Nigeria’s Budget Prospects

|By Adejumo Adekunle –

Global oil prices kicked off the first trading day of 2025 on a positive trajectory, with Brent Crude and West Texas Intermediate (WTI) experiencing slight gains.

Data from GlobalOil.com revealed that Brent Crude climbed by 0.13%, reaching $76.03, while WTI edged up by 0.14% to $73.25 as of the time of this report.

The upbeat market sentiment is driven by expectations of stronger economic growth and increased oil demand in 2025. Brent Crude’s current price surpasses Nigeria’s $75 per barrel benchmark for its proposed 2025 budget, signaling favorable fiscal prospects for the country.

Meanwhile, report indicate  that 2024 marked a second consecutive year of annual oil price declines, with a 3% drop compared to the final 2023 trading price.

Despite global challenges, Nigeria’s crude production rose to 1.81 million barrels per day in November 2024, according to the Nigerian National Petroleum Company Limited, highlighting the country’s improved output.