Nigeria National Petroleum Corporation lowered by at least $1 a barrel its official selling prices (OSPs) for 20 out of 26 oil grades. Qua Iboe, Nigeria’s largest export crude under normal circumstances, was reduced by the most since 2014. The reason for the dramatic price cuts according NNPC, the state oil company, is a “huge cargo overhang" as the country attempts to regain market share.
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