Lagos, Nigeria – Oil prices dipped on Friday, heading for a weekly decline as the United States and Iran extended nuclear talks in Geneva, easing supply disruption fears, while OPEC+ considers resuming output increases at a meeting scheduled for Sunday. Brent crude futures slipped 5 cents to $70.70 per barrel, while U.S. West Texas Intermediate fell 1 cent to $65.20 as of 0331 GMT.
Okay News reports that for the week, Brent was heading for a 1.8 percent decline, while WTI was on track to fall about 2.2 percent, reversing part of the previous week’s gains. The pullback followed initial gains of more than $1 per barrel during Thursday’s session after reports suggested the talks had stalled, before easing again as mediators signalled progress. Nigeria’s Bonny Light traded around $71 per barrel, down 0.7 percent from Monday’s levels.
The United States and Iran held indirect talks in Geneva aimed at resolving their long-running nuclear dispute and preventing further escalation in the region. The diplomatic engagement followed a military build-up ordered by U.S. President Donald Trump, which had heightened earlier concerns about possible supply disruptions. Oman’s Foreign Minister said both sides made progress and would resume technical-level discussions next week in Vienna.
In parallel, the Organization of the Petroleum Exporting Countries and its allies are expected to consider raising output by 137,000 barrels per day for April at their March 1 meeting, after pausing production increases in the first quarter. Nigeria’s crude benchmarks remain above the Federal Government’s 2026 budget assumption of $64.85 per barrel despite the recent dip, with an ambitious daily production target of 1.84 million barrels per day.
The Dangote Refinery, with projected capacity exceeding 650,000 barrels per day, is expected to significantly alter Nigeria’s downstream landscape, while the government launched a new licensing round in January covering 50 oil and gas blocks targeting over $10 billion in fresh investments. The combination of higher domestic refining capacity, renewed upstream investment, and evolving global supply dynamics will shape Nigeria’s fiscal outlook. Movements in global oil prices remain closely tied to geopolitical developments and production decisions. Sustained stability in oil prices is critical for Nigeria’s revenue projections and economic planning.
