Even at $10 a Barrel, Traders Balk at Buying Nigeria’s Oil
- Discounts imply most Nigeria oil at about $10 a barrel in May
- Traders say prices may still not be cheap enough; glut remains
Photographer: Trevor Snapp/Bloomberg
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The oil price crash isn’t getting any easier for Nigeria.
Late on Monday, the nation released the prices for most of its crude oil grades for sale in May. The figures reflect an urgent need to offload cargoes in what is a highly competitive marketplace. Even so, traders cautioned that the prices -- $10 a barrel or less if the market doesn’t improve -- still may not tempt enough buyers because of the demand collapse triggered by the coronavirus.