Nigeria seeks $15 bn advanced oil payments from India

Nigeria is seeking $15 billion in advanced oil payments from India to help the African nation get through current cash flow problems.

Oil Minister Emmanuel Kachikwu told reporters in New Delhi that he anticipates force majeures on all its key grades to be lifted by December.

The measures were implemented when militant attacks caused supply disruption, giving sellers the right not to meet their contractual obligations.

Nigeria needs every dollar it can get as it contends with a militant campaign that means annual output is currently on course to be the lowest since 1989, just as a global glut means futures are trading at less than half where they were two years ago.

The nation’s oil minister said Monday that certain export restrictions will soon be lifted.