Nigeria has cut the official selling prices for its crude oil to record lows to clear a glut of unsold cargoes.
The country has had to grapple with an unprecedented excess of oil triggered by the coronavirus outbreak and a price war between Saudi Arabia and Russia for market share.
Brent crude, the international benchmark, has fallen by over 60 percent since the start of this year. It stood at 26.44 dollars per barrel as of 7:40pm on Monday.
The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, said recently that the country was already struggling to find buyers for its crude oil, saying over 50 cargoes were yet to be sold.
