Venezuela Oil Shake-Up Threatens Nigeria's 2026 Budget Amid Global Supply Shifts

The crisis in Venezuela, triggered by geopolitical developments and the potential increase in global oil supply, could undermine Nigeria's 2026 budget plans. Analysts are concerned about the impact on Nigeria's oil revenue projections, with the country expected to produce 673 million barrels in 2026.

The proposed lower benchmark price of $60 per barrel by the Nigerian National Assembly reflects the uncertainty in oil markets. Venezuela's plans to boost oil production post-sanctions may further flood the market, affecting prices and revenue projections for oil-dependent economies like Nigeria.