The Nigeria National Petroleum Corporation (NNPC) has cut down the prices for 20 of its 26 crude oil grades by at least $1 per barrel, according to reports by world media outlets on Thursday.
It was disclosed that Nigeria's Qua Iboe crude oil, its largest exports, saw the biggest reduction since 2014.
The slashing of prices is viewed as part of the country’s strategy to make Nigerian crude oil attractive to buyers and help it regain its share of the global oil market.
The move comes just weeks after Saudi Arabia cut its November prices for most grades, and days after oil traders reportedly pushed the NNPC to reduce its prices.
Nigeria, like other producer countries, has been struggling with oil prices that have seen a drop by more than half of their value since July 2014.
The country’s price cuts are taking place as OPEC tries to lower its total output to 32.5 million to 33 million barrels a day to stabilize the oil markets. Nigeria, an OPEC member, has stated it will not take part in these production cuts.
The country has also been trying to stave off militant attacks against its energy infrastructure, which earlier in 2016, led to export flows falling to the lowest in over nine years. With low oil prices and a widening hole in its budget, Nigeria has been scrambling in recent weeks to boost energy revenues and attract investments.
On Monday, Nigeria’s oil minister Emmanuel Ibe Kachikwusought sought a $15 billion investment-for-crude deal from India during a visit to New Delhi.
By Sibel Akbay
Anadolu Agency
sibel.akbay@aa.com.tr