The Nigeria National Petroleum Corporation reduced the official selling price (OSP) of Nigeria’s crude oil grades as parts of a strategy to make Nigerian crude attractive to buyers and to help it regain its share of the global crude oil market.
Saudi Arabia keeps pumping at near-record levels to defend sales in Asia, its biggest market, amid an increase in global supply. In addition, Saudi Aramco, the state-run oil giant, said that both its drilling and IPO plans remain unchanged.
Algeria is seeking to coordinate a global response from oil-producing nations to tumbling prices, Algeria Press Service reported, citing Energy Minister Youcef Yousfi. Crude traded near a six-year low in New York on Tuesday.