417,000bpd oil cut’ll deepen Nigeria’s recession, says Fitch

Nigeria News News

417,000bpd oil cut’ll deepen Nigeria’s recession, says Fitch
Nigeria Latest News,Nigeria Headlines
  • 📰 MobilePunch
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 63%

A global credit ratings agency, Fitch Ratings, has said Nigeria’s compliance with the oil production cut deal led by the Organisation of Petroleum Exporting Countries will lead to deeper economic cont

raction and fiscal deficits.

OPEC and its partners, led by Russia, a group called OPEC+, agreed in April to cut output by 9.7 million barrels per day in May and June, representing about 10 per cent of global supply. “Despite the OPEC+ deal, our oil price forecasts remain unchanged at $35/barrel for Brent on average in 2020 and $45/barrel in 2021.”

“We expect outflows to materialise later in the year, which, alongside a significant current-account deficit and continued CBN resistance to overhauling the exchange-rate framework, will drive a fall in international reserves from $38.6bn at end-2019 to $23.3bn at end-2020.”

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

MobilePunch /  🏆 8. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

INTERVIEW: Cost of Nigeria's oil production unsustainable - SylvaINTERVIEW: Cost of Nigeria's oil production unsustainable - SylvaMinister State for Petroleum Resources, Timipreye Sylva, said in spite of the challenges posed by the COVID-19 pandemic, the ministry has done well
Read more »

Pastor David Ibiyeome blasts Nigeria government, says no COVID-19 in Nigeria [VIDEO]Pastor David Ibiyeome blasts Nigeria government, says no COVID-19 in Nigeria [VIDEO]David Ibiyeomie, founder and General Overseer of Salvation Ministries, has said coronavirus is a scam. Ibiyeomie in a sermon on Sunday said, Nigeria doesn\u2019t have the virus and even if it does the figures released by the Nigeria Center for Disease Control was fake. According to him, COVID-19 is rubbish and the government is using
Read more »

Coronavirus: Japan's economy slips into recessionCoronavirus: Japan's economy slips into recessionAmidst economic disruption occasioned by the coronavirus pandemic, Japan's economy has fallen into recession.
Read more »

There’s no coronavirus in Nigeria – Pastor David Ibiyomie saysThere’s no coronavirus in Nigeria – Pastor David Ibiyomie saysWe are a quality, national, newspaper with credible and dependable information.
Read more »

We know where 15 Chinese medical experts are — CCECC MDWe know where 15 Chinese medical experts are — CCECC MDMr Michael Yigao, Managing Director, China Civil Engineering Construction Corporation (CCECC) Nigeria Ltd, says the 15 Chinese medical...
Read more »

NOSDRA is investigating cause of fire at OML 95 says D-GNOSDRA is investigating cause of fire at OML 95 says D-GThe National Oil Spills Detection and Response Agency (NOSDRA) on Monday said that the ongoing fire at Ororo oilfield at Oil Mining Lease...
Read more »



Render Time: 2025-03-20 10:22:37