Nigeria Is Offering Buyers A Discount To Buy Our Crude Oil
Chacha Wabara
Bloomberg is reporting that Nigeria has cut the price it sells crude for in an effort to regain share of the global oil market share. This of course is coming at a time when the market is dealing with a crude oil glut.
According to the report, the NNPC is reduced its price by about $1 per barrel for about 20 out of 26 oil grades. Qua Iboe, Nigeria’s largest export crude under normal circumstances, was reduced by the most since 2014.
NNPC reportedly cut the selling price of Qua Iboe for November to a 17 cent premium to the benchmark Dated Brent, according to the price list, from $1.07.
It reduced the price of Bonny Light to a 7 cent premium and Forcados to a 41 cent discount to Dated Brent the report concludes.
