Bonny Light, Nigeria’s flagship crude oil export grade, fell below the $69-per-barrel mark during the second trading session of the week, reflecting growing caution in global oil markets amid mounting geopolitical and supply-side uncertainties.
Latest market data showed Bonny Light trading at about $68.8 per barrel, mirroring a broader decline in international crude benchmarks.
Brent crude futures dipped 18 cents to $68.85 a barrel, while US West Texas Intermediate (WTI) crude fell to $64.15, as traders reassessed risks linked to Middle East tensions and shifting global supply dynamics.
Oil prices edged lower on Tuesday after fresh guidance from US authorities urged vessels transiting the strategic Strait of Hormuz to exercise caution, citing rising tensions between Washington and Tehran.
Ships were advised to avoid Iranian territorial waters and to politely decline any requests by Iranian forces to board vessels, underscoring heightened security concerns in one of the world’s most critical energy corridors.
Bonny Light, a premium light, sweet crude, is highly valued by refiners because of its low sulphur content and high yield of refined products. It typically trades at a premium to heavier or sourer crude grades, making its recent dip below $69 notable, especially at a time of persistent geopolitical risk.
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On the supply side, reduced production from Nigeria and Libya has contributed to a decline in overall OPEC output, estimated at between 28 million and 34 million barrels per day (bpd), representing a drop of about 60,000 bpd from December levels.
A Reuters survey conducted on February 9, 2026, indicated that Nigeria recorded the largest output decline among OPEC members, offsetting gains recorded elsewhere within the cartel.
An energy analyst based in Lagos said Nigeria’s production challenges continue to weigh on both national revenue and OPEC’s collective supply outlook.
“Operational disruptions, ageing infrastructure and rising costs are still limiting Nigeria’s ability to fully benefit from periods of relatively stable oil prices,” he said.
President Bola Tinubu has reiterated Nigeria’s ambition to ramp up crude oil production to 3 million bpd by 2030, with an interim target of 2.5 million bpd by 2027.
In support of this goal, the Federal Government recently approved 28 new oil field projects valued at about $18.2 billion.
Major developments are also progressing, including Shell’s Bonga South West project, which is under discussion for investments estimated at up to $20 billion and could add around 150,000 bpd to national output.
In addition, the Nigerian National Petroleum Company Limited (NNPC) and its partners are pushing for refinery rehabilitation and gas monetisation reforms to strengthen the energy value chain.
Recent estimates indicate that crude exports have fallen by about 14 per cent due to weaker loadings, even as prices hovered around the $70-per-barrel range amid global uncertainty.
Despite rising geopolitical tensions, oil prices remain largely range-bound. WTI crude has traded between $61 and $66 per barrel, suggesting a period of consolidation.