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Home General News

Crude oil prices fall to $30 as COVID-19 erases gains from oil production cuts

Olumide Adesina by Olumide Adesina
April 13, 2020
in General News, Politics
Crude oil in Nigeria, Oil producing states in Nigeria, Department of Petroleum Resources, DPR yet to recognise Anambra Enugu and Kogis States as oil producers, West Africa’s crude inventory is building up as demand slows due to Coronavirus, Oil at $26, as Saudi Arabia in no retreat no surrender oil battle with Russia, Crude oil prices fall to $30 as COVID-19 erases gains from oil production cuts, Crude oil prices surge higher as Brent crude hits almost $30 per barrel , Brent crude plunges 5%, world’s second largest economy skips economic growth target
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Oil prices slumped more than 50 cents a barrel on Monday, even after major producers agreed their biggest-ever output cut. Gains evaporated amid concerns that the output cuts will not be enough to head off oversupply, with the Coronavirus pandemic still hammering demand.

After days of deliberations, OPEC and its allies, led by Russia, agreed yesterday to reduce oil output by 9.7 million barrels per day for the months of May and June. The cuts represent about 10% of global supply and is intended to help crude prices to rebound.

Brent crude fell by 0.50$, or 1.70%, to $30.91 a barrel by 9.12 am local time after opening at a session high of $33.99. U.S. West Texas Intermediate (WTI) was up at $0.78, or 0.39%, to $22.81 a barrel, after hitting a high of $24.74.

(READ MORE: OPEC+ Deal: Crude oil prices rise amid volatile trading session)

Leaders of the top three crude oil producers – America’s President Trump, Russian President Putin, and Saudi Arabia’s King Salman – all agreed to the OPEC+ deal to reduce global crude oil production.

In addition, the Kuwaitis, Saudis, and the United Arab Emirates all supported the move for more cuts, even deeper than those already agreed. According to them, this could help to effectively bring the OPEC+ supply lower by 12.5 million bpd from present supply levels.

Norway and Canada also indicated their willingness to reduce oil production. The Americans stated that their crude oil output would be dropping as much as 2 million barrels per day in 2020 because of low prices.

READ ALSO: US-based solar company to invest $300m in Nigeria 

Despite all the efforts, concerns over global demands erased oil price gains from the Asian trading session. Global crude oil consumption has dropped by about 30%, due to the COVID-19 outbreak that has killed over 100,000 people around the world, and kept most businesses shut.

In Nigeria, a lockdown measure that was adopted in early April has been extended indefinitely. More than three hundred people have been infected by the virus in the country, with more than five deaths recorded.

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Tags: Brent CrudeCoronavirus pandemicCOVID-19 outbreakCrash in oil pricesenergy marketGlobal Oil pricesNigerian Business NewsOn the MoneyOPECOPEC CutsOPEC+ dealWest Texas Intermediate

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