Brent Crude, similar to Nigeria’s sweet crude, dropped to $50.83 as at 6.00pm local time. OPEC Coronavirus OilPrice BrentCrude Nigeria COVID19
Similarly, OPEC ministers agreed that oil production should be cut by 1.5 million barrels a day with members cutting 1.0mbpd and non-OPEC allies led by Russia cutting 0.5mbpd.However, Russia has yet to make a decision, which could make things very interesting on Friday, when crunch talks with non-OPEC members kick-off.
The International Energy Agency also cut its 2020 oil demand growth forecast by 365,000 b/d to 825,000 b/d, the lowest since 2011. It is scheduled to update its near-term oil demand forecasts next week. “The COVID-19 outbreak has had a major adverse impact on global economic and oil demand forecasts in 2020, particularly for the first and second quarters…. moreover, the unprecedented situation, and the ever-shifting market dynamics, means risks are skewed to the downside,” OPEC said in a statement following the conclusion of its meeting in Vienna, Austrian capital.
Two days later the IEA forecast that global oil demand will contract for the first time in a decade during the first quarter of 2020, as the escalating Coronavirus outbreak slams the brakes on China’s oil-hungry economy.
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