Nigeria opened a new front in the oil price war between some of the world’s largest Opec+ countries, offering to sell its crude in April at unusually large discounts in an effort to undercut its rivals.
Even so, traders said the West African country may not have gone cheap enough.
Exports of Qua Iboe and Bonny Light crude — two banner Nigerian grades — will be sold in April for discounts of more than $3 a barrel to the international Dated Brent benchmark.
Even in the depths of the 2008-09 recession, neither grade was sold anywhere near as cheap, but a collapse in demand caused by the coronavirus — and a pricing war led by Saudi Arabia — has changed everything. – fin24.com