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The price of Nigeria’s Bonny Light crude fell 6.8% to $69.90 per barrel following new U.S. tariffs announced by former President Donald Trump and OPEC+’s decision to increase oil supply from May 2025.

The slump raises concerns over Nigeria’s 2025 budget projections, which are based on $75 per barrel and 2.06 million barrels per day production. However, February output fell 3.8% to 1.67 million bpd, according to the NUPRC.

Meanwhile, OPEC+ members, including Saudi Arabia and Russia, reaffirmed plans to gradually unwind 2.2 million bpd in voluntary production cuts, but may pause or reverse the move depending on market conditions.

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