Nigerian Govt Reduces The Price Of Crude Oil To Entice Buyers

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Nigeria has reduced the official selling price of its crude oil to entice buyers.

Reuters reports that the prices were adjusted before the May loading programmes were released on Monday.

The official selling prices for Bonny Light and Qua Iboe were cut by $5 a barrel to dated Brent minus $3.29 and minus $3.10 per barrel.

The May loading programmes were higher than those released for April.

There will also be two cargoes each of Usan and Yoho, five cargoes each of Brass River and Agbami, six of Egina and four Amenam.

Oil price dropped to a record low after a market glut caused by the coronavirus outbreak and a price war between Saudi Arabia and Russia.

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Speaking a roundtable organised by the Central Bank of Nigeria (CBN), Mele Kyari, the group managing director of the Nigerian National Petroleum Corporation (NNPC), said Nigeria had 50 cargoes of crude oil that have not found landing.

“As at today with the Nigerian crude, we have 50 cargoes that have not found landing; it means the traders have purchased it but they don’t know how to take it,” he said.

He also said 12 cargoes of liquefied petroleum gas (LPG) cargos got stranded globally because they had no hub due to abrupt collapse in demand associated specifically with coronavirus.

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