Oil prices has fallen below $1 per barrel for the first time ever as demand for crude dried up.
There appears to be no respite in sight for oil producers, as the volatility and continuous price slump in the global oil market continue.
Bonny Light, dropped to about $12 - $13 a barrel this week, according to oil traders following the West African energy market.
The volatility of the global oil market persists as two of the biggest oil-producing countries are considering further output cuts
COVID-19 pandemic and the crash in oil prices have all but extinguished supply of dollars from the IFEX market (official market for trading forex).
Despite the deal by the OPEC and its allies, in addition to the intervention of US President, the volatility of the oil market still continues unabated.
Some oil markets are beginning to react to the unprecedented deal agreed by OPEC and its allies, together with other major oil producers.
The historic oil deal between OPEC and other top oil-producing countries on Sunday, April 12, 2020, did not come without its own drama.
There appears to be no respite for the oil crisis, despite the announcement of a deal by OPEC and its allies OPEC+ for output cut.
Nigeria's access to raw materials and manufactured goods from other regions could become greatly hampered in the coming weeks.
