Caught in the Saudi-Russian oil price war, Africa’s largest oil producer, Nigeria, has discounted deeply its crude and aims to pump as much as it can, trying to retain customers in the unprecedented demand plunge. However, the price to pay in the oil price war may be too steep for Nigeria. Right now, Nigeria’s only response is to discount its oil and to pump oil at maximum levels possible, the country’s petroleum, minister Timipre Sylva, told Bloomberg in an interview. Africa’s largest producer also calls for Saudi Arabia and Russia to end the price war and welcomes U.S. appeals on OPEC’s leader Saudi Arabia to rethink its strategy of flooding the market with oil starting next week. Earlier this month, Nigeria discounted its primary crude grades Qua Iboe and Bonny Light and will be selling them in April at a $3 per barrel discount to Dated Brent. Even at […]