Crude Oil Prices Drop from $79.12 in Dec 2023 to $74.72 in Dec 2024 Amid Market Volatility

  • Crude oil prices peaked at $93.12 in April, marking the highest point of the year before experiencing fluctuations in the following months.
  • A steady decline in the last quarter saw prices drop to $74.72 in December, the lowest recorded price of 2024.
  • The decline in prices from September onward raised concerns about potential revenue shortfalls, impacting government budgets and foreign exchange earnings.
  • Oil prices remained unstable throughout the year, with significant fluctuations driven by geopolitical factors, global demand shifts, and production adjustments.

The crude oil market experienced a turbulent 2024, following a sharp decline from the highs of late 2023. In September 2023, crude oil traded at $98.16, but by December 2023, prices had dropped to $79.12, signalling a downward trend that continued into 2024. The year began with $82.18 in January and saw fluctuations before peaking at $93.12 in April. A steady decline set in from September ($76.05) to December ($74.72), marking the year’s lowest price. The annual average stood at $82.57, reflecting overall volatility.

Source:

Central Bank of Nigeria

Period:

2024
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Nigeria’s exports remain oil-dominated, but non-oil exports are steadily rising—reaching up to 18% in early 2025
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  • Non-oil exports rose gradually, from a low of 6.9% (February 2024) to a high of 18.1% (January 2025).
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US crude oil imports from Nigeria plunged 86%, from 2005's peak of 425.4m barrels to 61.4m barrels in 2024
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