Finance minister Zainab Ahmed said there were “strong indications” of an oversupplied oil market next year and lowered price expectations for Nigeria’s budget benchmark crude price for 2020.
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 Organisation of the Petroleum Exporting Countries (OPEC).
