September 10, 2019 / 11:24 AM / 2 months ago

Nigeria fin minister lowers benchmark crude forecast citing signs of oversupply

Finance minister Zainab Ahmed addresses journalists as she sits next to Information Minister Lai Mohammed in Abuja, Nigeria August 27, 2019. REUTERS/Stringer

ABUJA (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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