Nigeria’s economy shaky as FG reviews crude oil benchmark from $60 to $55 per barrel iNew NIGERIA’s Minister of Finance, Zainab Ahmed on Tuesday announced that the country’s crude oil benchmark which was initially pegged at $60 per barrel would be lowered to $55 per barrel to contain the effects of an unexpected price shock. In a report , Ahmed stated that indicators were pointing to an oversupply of crude oil in the global market which is a major reason for the review of the nation’s oil price ceiling. “There are strong indications of an oversupplied oil market next year and lowered price expectations for the country’s benchmark crude,” she said. Ahmed agreed that a lowered forecast for Nigeria’s benchmark price to $55 per barrel from $60 per barrel, would in part help “to cushion against an unexpected price shock.” Nigeria and the United States are major producers of sweet grades crude oil which is ideal for refining into petrol, but US oil exports increased fr...
