Economy
Nigeria Begs Buyer to Pay $9 for Crude Oil in April -NNPC
The Nigerian National Petroleum Corporation (NNPC) said the nation begged global crude oil buyers to purchase Nigerian crude oil at $9 per barrel in April when COVID-19 plunged oil Prices.
The Group Managing Director, NNPC, Mallam Mele Kyari said on Friday while addressing energy correspondents in Abuja.
In April, Brent crude oil, against which Nigerian oil is priced, declined to a record low of $15.98 per barrel, the lowest since 1999 when Saudi Arabia and Russia engaged in a price war.
“Actually, we sold oil at $9 per barrel in April, and practically we begged people to come and take,” Kyari stated.
The Managing Director said the nation produced 2.49 million barrels per day in April, saying 3 million barrels per day is feasible.
He added that the year had been a very difficult year for the energy industry and the world economy as a whole. He said the sector fundamentals had changed.