SAUDI SET TO PRICE OUT NIGERIA, ANGOLA ON CRUDE

Nigeria and her African counterpart, Angola, are having their problems arising from the dwindling prices of crude oil further compounded, as Saudi Arabia made deep cuts to its monthly oil prices for European buyers ,while it trimmed prices for U.S. refiners and increased rates for Asia.


Almost half of Nigeria’s cargoes due to be exported in January are still available. The backlog has pushed Nigerian oil differentials versus Brent to their lowest since at least 2009 BFO-QUA at 65 cents a barrel, down 80 percent since May.


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