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OIL WATCH: Oil price drops below $20 per barrel

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By Ediri Ejoh

OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic

The price of Nigeria’s premium grade, Bonny Light, dipped yesterday to the lowest figure since the price of crude started plummeting at the International market, trading at $19.50 as against 21.06 per barrel Tuesday.
Recall that prices of crude has continued to fall badly despite the 9.7 million bpd output cut initiated by the membership of Organization of the Petroleum Exporting Countries, OPEC, on Sunday.

Similarly, other International grades, Brent and WTI dipped further, trading at $27.43 and $19.46as against $29.92 and $21.09 recorded at the close of the market on Monday.

READ ALSO:No more payment of oil subsidy going forward — NNPC

Oil watchers are concerned that the output cut won’t be enough to head off oversupply with the Coronavirus pandemic hammering demand.

Meanwhile, the downward trend of crude oil price may lead to recession in the country, as the International Monetary Fund, IMF, has projected a contraction in the global economy by -3 percent this year.

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