“Today, I can share with you that there are over 12 stranded LNG cargoes in the market globally.”
to create market for Nigeria’s crude and make Nigeria a choice destination for Foreign Direct Investment.
Mallam Kyari stated that at the moment the cost of crude oil production in the country was within the range of $15 to $17 per barrel, adding that some leaders in the Industry such as Saudi Arabia’s cost of production is between $4 and $5 per barrel. He noted that due to the Coronavirus pandemic, Nigeria has about 50 cargoes of crude oil that have not found landing, adding that this implies that there are no off-takers for them for now due to drop in demand.
He said that in the face of the Coronavirus global pandemic, countries like Saudi Arabia have given discount of $8 and Iraq $5 to their off-takers in some locations meaning that when crude oil sells at $30 per barrel, countries like Saudi Arabia is selling at $22 per barrel and Iraq selling their crude at $25 per barrel.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus: 50 Nigerian crude oil cargoes stranded in market, says NNPC
Read more »
Crude oil crash: prepare for tough times - NNPCThe Nigerian National Petroleum Corporation (NNPC) has warned Nigerians to prepare for more trouble ahead following the crash in the price...
Read more »
Crude oil crash: prepare for tough times - NNPCThe Nigerian National Petroleum Corporation (NNPC) has warned Nigerians to prepare for more trouble ahead following the crash in the price...
Read more »
Coronavirus: 50 Nigerian crude oil cargoes stranded in market, says NNPC
Read more »
COVID 19: 50 Nigeria’s crude oil cargoes strandedNot less than 50 cargoes of crude oil from Nigeria have not found landing owing to the outbreak of Coronavirus, officially names COVID 19...
Read more »
StackPath
Read more »