Tim Watts, CFO at Shield Therapeutics #STX presenting at our Life Sciences Investor Briefing Watch Now

Nigeria fin minister lowers benchmark crude forecast citing signs of oversupply

Tue, 10th Sep 2019 11:43

ABUJA, Sept 10 (Reuters) - Nigeria's finance minister said on Tuesday there were "strong indications" of an oversupplied oil market next year and lowered price expectations for the country's benchmark crude.

Zainab Ahmed told journalists that she had lowered a forecast for Nigeria's benchmark price to $55 per barrel from $60 per barrel, in part "to cushion against an unexpected price shock."

Ahmed said Africa's largest oil exporter is producing roughly 2.3 million barrels per day (bpd) of crude oil and condensates.

It has agreed a cap of 1.685 million bpd of crude oil with the Organization of the Petroleum Exporting Countries (OPEC).

(Reporting By Camillus Eboh on Abuja, writing by Libby George; editing by Jason Neely)

More News

UPDATE 1-Joe Kennedy III launches primary campaign for U.S. Senate seat in Massachusetts

By Jonathan Landay Sept 21 (Reuters) - U.S. Representative Joseph Kennedy III, a scion of the famed political dynasty, on Saturday launched a 2020 primary challenge against fellow Democrat

Today 15:51

UK Labour government would abolish 'non-domiciled' status in first budget

BRIGHTON, England, Sept 21 (Reuters) - A Labour government would abolish 'non domiciled' status in its first budget, Britain's main opposition party said on Saturday, as part of plan a

Today 15:20

UPDATE 1-Saudi says it will respond appropriately if probe confirms Iran's role in attacks

By Stephen Kalin RIYADH, Sept 21 (Reuters) - Saudi Arabia will take appropriate steps to respond to an attack on its oil facilities if, as expected, a Saudi investigation confirms that Iran

Today 15:18

Italy's Conte calls on Delta to commit more to Alitalia

MILAN, Sept 21 (Reuters) - Delta Air Lines should consider increasing its planned investment in the rescue of Alitalia, Italian Prime Minister Giuseppe Conte said on Saturday as talks over the of

Today 15:15

Login to your account

Don't have an account? Click here to register.