Nigeria has not stopped producing crude oil but a persistent crash in oil prices may lead to a halt in production, the Nigerian National Petroleum Corporation has declared.
Nigeria recently slashed the oil price benchmark for its budget to $30 per barrel from $57 per barrel, but oil prices kept crashing since the outbreak of coronavirus as demand plunged.
On whether Nigeria had stopped oil production due to the persistent price crash, the country’s national oil firm said it had not.
Earlier this month, the Group Managing Director, NNPC, Mele Kyari, said Nigerian crude oil grades were not rejected, although stranded in the market.
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