The Nigerian crude price rose toward the Federal Government benchmark as drones targeted oilfields in Iraq for the fourth time, sparking fears of supply disruptions and highlighting ongoing volatility in the Middle East.
Nigerian oil blends, including Bonny Light, Brass River, and Qua Iboe, traded at $72.5 per barrel, which was $2.5 lower than the Federal Government benchmark for crude.
Monthly output from the Kurdistan region has decreased by between 140,000 and 150,000 barrels per day, a decline greater than half the region’s average output of 280,000 barrels daily.
