Nigeria Slashes Benchmark Oil price to $65 per barrel (We Are Now In Plan C)

Nigeria has slashed the oil price assumed in its 2015 budget by 11 percent to $65 a barrel from $73, in light of lower world oil prices, a Finance Ministry spokeswoman said on Thursday.

It was the second time in a month the benchmark has been cut, after initially being lowered from $78 a barrel.

The Minister of Finance Okonjo Iweala had informed thr media that she had a Plan A, B, C, D etc in the event oil prices continue to fall below the benchmark crude oil price. As it is, we are currently in Plan C.

Reuters