Nigeria’s National Petroleum Company Limited (NNPC) has raised the official selling prices for all 37 grades of Nigerian crude designated for May‑loading cargoes. The flagship Bonny Light grade will sell $6.13 per barrel higher than the April price, while the Forcados grade is up $7.01 per barrel, according to data reported by Oilprice.com and confirmed by the Central Bank of Nigeria (CBN).
The price adjustments come as global oil markets react to heightened geopolitical tension in the Middle East. Brent crude futures have climbed above $110 a barrel, driven by concerns that the conflict between the United States and Iran could evolve into a prolonged confrontation. At the same time, the United Arab Emirates announced its exit from OPEC and OPEC+, effective 1 May, adding further uncertainty to supply dynamics.
The CBN’s figures show Bonny Light was trading around $74 per barrel before the escalation of the Middle East crisis on 28 February. By the start of May, the price had risen by nearly $2 in a single day amid speculation that the United States and Iran might reach an agreement to reopen the Strait of Hormuz and restore unrestricted oil shipping.
The higher crude prices are expected to boost Nigeria’s export revenues in the near term. NNPC GCEO Bayo Ojulari highlighted that the adjustments reflect “the prevailing market environment” and the need to align Nigeria’s pricing with international benchmarks.
Broader market impacts include a shift in energy‑linked currencies. Analysts at JP Morgan and Deutsche Bank have identified the Norwegian krone and the Australian dollar as the most promising among energy‑exporting nations, while the Brazilian real has posted a 3.15 % gain against the U.S. dollar since March. Kazakhstan’s ten‑percent appreciation over the past two months reflects the country’s reliance on crude oil, which accounts for roughly 17 % of its GDP.
In related developments, several major oil and gas transactions were announced this week. Shell agreed to acquire Canadian producer ARC Resources for $16.4 billion, adding approximately 370,000 boe/d to its output, mainly from the Montney shale. Colombia’s Ecopetrol will purchase a 26 % stake in Brazil’s Brava Energia and plans a tender offer for a controlling interest. Chevron is nearing completion of a $1 billion sale of its 50 % share in Singapore’s Jurong Island refinery to Japan’s Eneos.
These price movements and corporate actions underscore the volatility that accompanies the ongoing US‑Iran conflict and the shifting landscape of Middle Eastern oil production. Stakeholders will be watching closely for further developments in the region and their implications for global energy markets.
