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Mallam Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, has said that the firm had to beg buyers in April to purchase the Nigerian crude oil at $9 per barrel.
The collapse in demand coupled with the price war between Saudi Arabia and Russia plummeted the global oil benchmark, Brent cruse to as low as $15.98 per barrel in April, its least since 1999.
Kyari in an interview with journalists in Abuja on Friday said, “We sold oil at $9 per barrel in April, and practically we begged people to come and take.”
According to him, Nigeria reached a production level of 2.49 million per day in April, adding that the target of three million bpd was achievable.
He stated that this year had been challenging for the industry and the world economy, adding that the industry fundamentals had changed.
This post was written by Obiajulu Joel Nwolu.
The views expressed here belong to the author and do not necessarily reflect our views and opinions.