Nigeria’s Bonny Light Climbs to $67 After Israeli Strike on Qatar

Nigeria’s Bonny Light crude rose to $67 per barrel on the global market Wednesday, up from $65, after Israel’s surprise attack on Hamas targets in Qatar triggered a surge in oil prices.
The strike on Qatar, a key gas producer and former OPEC member, sparked market speculation that pushed prices higher. Brent crude, the global benchmark, also gained more than $1, trading at $66.58 per barrel compared to its pre-attack level of $65.
Despite the increase, oil prices remain below Nigeria’s 2025 budget benchmark of $75 per barrel, which is based on daily production of 2.06 million barrels and an exchange rate of N1,500 to the dollar. Analysts say further price movement will depend on how markets react to the Qatar strike and other global developments.
Meanwhile, OPEC+ recently announced plans to relax its production cuts, adding 137,000 barrels per day to global supply in October 2025. Analysts warn this could drive prices down to below $60 per barrel.
Mazi Colman Obasi, President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), said increased supply at this time would likely drag prices lower. Another analyst cautioned that falling prices could affect Nigeria’s 2025 budget projections, which assume $75 per barrel and 2.06 million barrels per day at N500 to the dollar.
OPEC+ said the production adjustment would remain flexible, with the option to pause or reverse the decision depending on market conditions.