Nigeria sets deeper discounts for May crude prices

Agshin Rafigoglu
Author

Nigeria on Monday slashed its May official selling prices (OSPs) for Bonny Light and Qua Iboe crude oil to record discounts versus dated Brent as an oil demand slump due to the coronavirus led to surging inventories and few buyers, Report informs, citing Nasdaq.

State oil company Nigerian National Petroleum Corp (NNPC) set its OSPs for Bonny Light and Qua Iboe crude to dated Brent minus 395 cents and minus 392 cents per barrel, respectively, for next month.

May OSPs for Nigerian oil are lower than April differentials when discounts of 329 cents for Bonny Light and 310 cents for Qua Iboe were offered versus dated Brent. These differentials are the lowers in Reuters records.

Brent crude fell below $20 a barrel on Monday as fuel demand has been crushed worldwide.

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