Nigerian Economy In Trouble As Crude Oil Price Drops Down To $31

The spread of the Coronavirus has affected the projected income of the Nigerian negatively as the Oil prices dropped from $45 per barrel to $31.52

Naija News Understands that the after oil prices plunged to $31.52  after OPEC’s failure to strike a deal with its allies regarding production cuts due to effect on COVID-19.

According to reports gathered,  International benchmark Brent crude futures were down 21%, or $9.74, to trade at $35.52 per barrel. Brent futures dove more than 30% at the low to $31.02.

The collapse of talks reveals deep divisions over how to deal with the slump in oil demand triggered by the spread of the Covid-19 virus.

Saudi Arabia also demanded that Russia share in a proposed reduction of a further 1.5 million barrels a day, insisting that OPEC wouldn’t reduce supply without the support of non-members.

Meanwhile, the Oil marketers in Nigeria have outlined conditions that would facilitate their involvement in fuel importation.