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LequteMan
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The Nigerian government is cutting down on the price of its crude oil in order to woo more customers, Bloomberg reports.
The NNPC has 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 seven cent premium and Forcados to a 41 cent discount to Dated Brent.
Group General Manager for the oil-marketing division of the NNPC, MeleKyari, said that the price reductions were due to a “huge cargo overhang” as the country attempts to regain market share.
The NNPC has 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 seven cent premium and Forcados to a 41 cent discount to Dated Brent.
Group General Manager for the oil-marketing division of the NNPC, MeleKyari, said that the price reductions were due to a “huge cargo overhang” as the country attempts to regain market share.
