Nigeria crude differential hits 10-year low as glut takes toll

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President Muhammadu Buhari
LONDON (Reuters) – Official prices for Nigerian crude have hit their lowest in at least a decade as a nagging oversupply of physical oil takes its toll.
The Nigerian National Petroleum Corp (NNPC) lowered the official selling price for its largest crude oil stream, Qua Iboe, to dated Brent plus 35 cents per barrel, the lowest differential since May 2005.
Bonny Light, once in demand for its high yield of valuable motor fuels, fell to dated Brent plus 23 cents, with the differential below May 2005 levels, traders said.
The drop follows North Sea crude, which hit a 10-year low earlier …Read More

Source:: PM Newspaper