Nigeria is facing double jeopardy of falling oil prices and production decline amid fears that coronavirus, which has its roots in China, may keep spreading, ’The Federal Government’s oil revenue proj
ection for 2020 may be badly hit by the coronavirus outbreak in China which has sparked concerns of lower demand growth, causing oil prices to plunge.
The international oil benchmark, Brent crude, tumbled below the $60 per barrel mark on Monday on fears that the virus would hit demand in a market that already has plentiful supply. Coronavirus is the latest upheaval for the oil market, which has been struggling with demand concerns for months. China is a large consumer of crude oil.
OPEC and its partners, including Russia, agreed to cut output by a further 500,000 bpd from January through March 2020, on top of their previous cut of 1.2 million bpd. OPEC-led alliance of oil producers will next meet in Vienna March 5-6 to discuss policy and output levels.
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