Oil Prices Drop to $92 Following Trump-Iran Ceasefire

Oil prices experienced a significant decline, tumbling to $92.28 per barrel after U.S. President Donald Trump announced a two-week ceasefire with Iran, facilitating the safe reopening of the Strait of Hormuz.

This marked a 15.5% drop, the largest daily decrease since April 2020. Following the announcement, prices slightly recovered but remained lower.

Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Corporation (NNPC), reported that Nigeria's crude oil production had reached a historic low of 960,000 barrels per day in 2022, with a projected peak of 1.84 million barrels per day by 2025. Ojulari emphasized the establishment of an integrated energy security pipeline in the Niger Delta to combat oil theft and pipeline sabotage, which have hindered production growth.

The parliamentary roundtable on pipeline security included discussions on collaboration among agencies to resolve challenges affecting Nigeria's oil and gas sector.