Nigeria Lowers Benchmark Crude Forecast Due To Oversupply | Sahara Reporters Africa's largest oil exporter is producing roughly 2.3 million barrels per day (bpd) of crude oil and condensates. READ MORE:
Nigeria's finance minister, Zainab Ahmed,said on Tuesday there were"strong indications" of an oversupplied oil market next year and lowered price expectations for the country's benchmark crude.
Zainab Ahmed told journalists that she had lowered a forecast for Nigeria's benchmark price to $55 per barrel from $60 per barrel, in part"to cushion against an unexpected price shock".It has agreed to a cap of 1.685 million barrels per day of crude oil with the Organization of the Petroleum Exporting Countries , reports Reuters.
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