Nigeria will sell July supplies of its Bonny Light crude at 23 cents more than Dated Brent, according to an e-mailed statement from state-run Nigerian National Petroleum Corp.
That’s the smallest differential since 2005 and compares with a 50 cent premium in June and $2.55 a year earlier, data compiled by Bloomberg show.
Surging output from U.S. shale formations contributed to a market glut that drove crude down almost 50 percent last year.
The slump in prices last year forced authorities in Nigeria, which relies on oil for about 70 percent of its income, to scale back budgeted spending and devalue the naira currency.
Nigeria’s former finance minister, Ngozi Okonjo-Iweala, said earlier this month that her successor will face a “difficult” year because of plunging crude revenues.
The U.S. has bought an average 30,000 barrels a day of Nigerian crude this year, data from the Energy Department show.
Nigeria shipped almost 1 million barrels a day to the U.S in 2010, according to the data.