Oil Traders Push Nigeria to Cut Prices Amid Militant Attacks
- State oil company received five inquiries about high prices
- Pricing can cost traders millions of dollars if too high
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Crude traders are pushing Nigeria’s state oil company to lower the official price at which it sells some cargoes, the latest challenge to Africa’s biggest producer as it grapples with output that’s been restricted by militant attacks this year.
Five companies that market the nation’s crude have raised the issue of high official selling prices, Mele Kyari, general manager of the crude oil marketing division at Nigeria National Petroleum Corp., said by phone Monday. Buyers of Nigerian crude are concerned that uncertainty about supplies from the country are making the nation’s barrels harder to resell, two traders familiar with the West African market said.