Oil prices dipped on Friday, heading for a weekly decline as the United States and Iran extended nuclear talks, easing supply fears.
Brent crude futures slipped five cents to $70.70 per barrel, while US West Texas Intermediate fell one cent to $65.20.
For the week, Brent was heading for a 1.8 per cent decline, while WTI was on track to fall about 2.2 per cent.
The United States and Iran held indirect talks in Geneva on Thursday aimed at resolving their long-running nuclear dispute.
The diplomatic engagement followed a military build-up ordered by US President Donald Trump, which had heightened concerns about possible supply disruptions.
Oman’s Foreign Minister said both sides made progress and would resume technical-level discussions next week in Vienna.
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In parallel, OPEC+ is expected to consider raising output by 137,000 barrels per day for April at its March 1 meeting.
Nigeria’s Bonny Light traded around $71 per barrel, down 0.7 per cent from $72.3 on Monday.
Despite the recent dip, Nigerian crude benchmarks remain above the Federal Government’s 2026 budget assumption of $64.85 per barrel.
The government has set an ambitious daily production target of 1.84 million barrels per day for 2026.
Actual production in January stood at about 1.48 million barrels per day, slightly below the OPEC+ quota of 1.5 million barrels.
The Dangote Refinery, with a projected capacity of over 650,000 barrels per day, is expected to significantly alter Nigeria’s downstream landscape.
The Federal Government launched a new licensing round in January covering 50 oil and gas blocks, targeting over $10 billion in fresh investments.
