He said: “It is a transition and people are learning how to manage this and customers are trying to adjust. When we reduce prices, people typically have old stock that they have bought at old prices and in any jurisdiction, you allow some of transition to take you to the real market condition and this is what we are trying to manage and this is why we are seeing different prices at different stations and some stations can adjust to N123.50 because their procurement is of current value.
OPEC kingpin Saudi Arabia could bring its production down to about 8 million b/d, from its current level of about 12 million b/d, according to a source briefed by the kingdom. “What we are looking for is more participation from other countries, not only OPEC+ but outside, including the US, Norway and some other influential countries,” Kuwaiti oil minister Khaled al-Fadhel told S&P Global Platts in an interview Wednesday.
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