The Nigerian government finally cuts the price of its crude oil in order to get more customers.

The NNPC has cut the 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 also 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.

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