US SHALE OUTPUT TORMENTS NIGERIA AS BONNY LIGHT FALLS TO DECADE-LOW

The shale boom that’s reduced US’ dependence on overseas crude is reverberating in Nigeria as Africa’s biggest oil producer cuts the pricing for its flagship grade to the lowest in a decade.

Nigeria, a member of the Organisation of Petroleum Exporting Countries (OPEC), will sell July supplies of its Bonny Light crude at 23 cents more than Dated Brent, according to an e-mailed statement from state-run Nigerian National Petroleum Corporation (NNPC). That’s the smallest differential since 2005 and compares with a 50 cent premium in June and $2.55 a year earlier, data compiled by Bloomberg show.

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