Nigeria slashes crude selling prices to woo buyers

March 24, 2020 by Delia Innoma 0 Comments

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.

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About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

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