Nigeria begged customers to buy oil at $9 — NNPC
Coronavirus lockdowns so wrecked the global economy that Nigeria was begging buyers to take its crude oil for cheap, a key official has said.
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, said buyers were begged to purchase the Nigerian crude oil at $9 per barrel in April.
The global oil benchmark, Brent crude, plunged to as low as $15.98 per barrel in April, its lowest since June 1999 amid the collapse in demand and the price war between Saudi Arabia and Russia.
“Actually, we sold oil at $9 per barrel in April, and practically we begged people to come and take,” Kyari said while addressing energy correspondents in Abuja on Friday.
He said the country achieved a production level of 2.49 million barrels per day in April, adding that the target of three million bpd was achievable.
The NNPC boss said 2020 had been a difficult year for the industry and the world economy, adding that the industry fundamentals had changed.