OPEC+ understands the sensitivity of the oil markets, so it prepares accordingly.
The Suez canal is not the Strait of Hormuz, where some 21 million barrels — or $1.2 billion worth of oil pass through every day.
With the paucity of funds the government faces, the spending of $1.5 billion on a refinery should be at the back burner.
The pandemic-related shift to remote work could remove between 1 million and 1.5 million barrels per day from global demand.
The question is, should Nigeria return to the fuel subsidy regime or in fact, is the government still paying subsidies on fuel?
Several factors are at play pointing to the reality that oil can only go up.
Here are key takeaways from OPEC's recent meeting as the organisation shows admirable strategy in the global oil market management.
Nigeria is hopeful that OPEC+ will agree to an increase in production.
Nigeria hedging its oil can create additional revenue needed for the country to rebalance its reserves
Some OPEC members continue to argue that increasing production in the face of weak demand could cause prices to drop.