Nigeria is sub-Saharan Africa's largest oil producer, with output historically constrained by pipeline theft and security incidents. Bonny Light is a premium light sweet grade favored by European refiners.
Last reviewed: June 9, 2026
Current Context
Current state (June 9, 2026): Nigerian crude remains important to the non-OPEC supply mix as de-escalation takes hold. Light, sweet Nigerian grades have served as alternatives for refiners losing access to Middle East crude through the conflict — a premium position that softens as the reopening path revives. Iran and Israel agreed Tuesday to halt attacks; crude fell below $90 after the weekend spike, and Fitch sees Brent averaging $87 for 2026. The G7 leaders summit June 15-17 in Evian is expected to address supply-chain diversification.