Nigeria has cut the official selling prices for its crude oil to record lows to clear a glut of unsold April-loading cargoes before releasing the May programme on Monday.
The country has had to grapple with an unprecedented excess of oil triggered by the coronavirus outbreak and a price war between Saudi Arabia and Russia for market share.
The Nigerian National Petroleum Corporation cut its April official selling prices for Bonny Light and Qua Iboe by $5 per barrel to dated Brent minus $3.29 and minus $3.10 per barrel, respectively, Reuters reported on Monday.
Brent crude, the international benchmark, has fallen by over 60 per cent since the start of this year. It stood at $26.44 per barrel as of 7:40pm on Monday.
May loading programmes emerged with key grades seeing an increase over the previous month, Reuters reported on Monday.
Source: Punch Newspaper
