Nigerian oil trades $2 higher than active brent contract

Oct. 3, 2024 - Nairametrics

Nigerian oil blends drew closer to the $80 per barrel mark once again, as the Iran-backed militias-Israeli conflict momentarily changed the dynamics of the oil market. Nigeria’s Brass River, Bonny Light, and Qua Iboe are slightly higher than $77 a barrel, over $2 pricier than the most active Brent contract.

OPEC has enough spare oil capacity to compensate for a complete loss of Iranian supply if Israel targets Iran’s oil installations. New tax breaks are also available for deep offshore projects through the Notice of Tax Incentives for Deep Offshore Oil and Gas Production.

The presidential spokesperson recently announced ExxonMobil’s $10 billion investment in Nigeria’s offshore oil operations...