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Nigeria reportedly will lower oil prices.

The member of the Organization of Petroleum Exporting Countries will lower the price to foreign companies that produce oil there by $1 a barrel effective Oct. 1, according to U.S. oil industry sources. The state-owned Nigerian National Oil Corp. reportedly told three U.S. oil firms last week that the country intends to lower its so-called tax reference price on two grades to the official selling price.


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