Oil prices fell on Monday, January 27, 2025, following U.S. President Donald Trump’s call for the Organisation of Petroleum Exporting Countries (OPEC) to reduce prices amid efforts to boost U.S. oil and gas production. Brent Crude dropped by 53 cents (0.68%) to $77.97 per barrel, after gaining 21 cents the previous Friday. Similarly, West Texas Intermediate (WTI) crude fell by 50 cents (0.67%) to $74.16 per barrel.
Trump urged OPEC to cut oil prices, suggesting this could hurt Russia’s economy and expedite an end to the war in Ukraine. “One way to stop it quickly is for OPEC to stop making so much money and drop the price of oil. That war will stop right away,” he said, intimidating sanctions and tariffs on Russia and other nations if no agreement is reached to end the conflict.
OPEC has yet to respond to Trump’s statements. However, OPEC+ delegates have confirmed plans to increase output beginning in April.
In the oil market, Brent and WTI crude recorded their first decline in five weeks, as fears of Russian sanctions disrupting global supply eased. Experts predict the lower crude prices could lead to reduced petroleum product costs in Nigeria.
When global crude surpassed $80 per barrel, Nigerian oil companies, including the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPC), raised petrol prices. With prices now below $80 per barrel, energy analysts, such as Adeola Yusuf of Platforms Africa, argue that oil companies should adjust prices accordingly. Yusuf highlighted that oil prices remain volatile and heavily influenced by international politics.
