September 10, 2019 / 10:45 AM / 5 days ago

Nigeria fin minister lowers benchmark crude forecast citing signs of oversupply

ABUJA, Sept 10 (Reuters) - Nigeria’s finance minister 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.”

Ahmed said Africa’s largest oil exporter is producing roughly 2.3 million barrels per day (bpd) of crude oil and condensates.

It has agreed a cap of 1.685 million bpd of crude oil with the Organization of the Petroleum Exporting Countries (OPEC).

Reporting By Camillus Eboh on Abuja, writing by Libby George; editing by Jason Neely

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