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CRUDE OIL PRICES
The dangerous exposure of Nigeria to the crude oil price crash and low demand globally will be a huge blow to the country’s ability to meet its revenue target for the revised budget
US crude oil futures turned negative as it crashed below zero dollars for the first time in history on Monday, April 20, 2020.
American based credit rating agency, Moody’s Investors Service (Moody’s), in a report released on Wednesday, April 15, 2020, affirmed Nigeria’s B2 long-term issuer ratings.
The Organization of Petroleum Exporting Countries (OPEC) and its allies finally agreed to a historic crude oil output cut that is expected to help stabilize the oil market after the devastation caused by the Coronavirus pandemic.
The Nigerian Economic Summit Group said the Government needs to develop some short-term reforms and take actions to reduce the impact of the Coronavirus pandemic on the Nigerian economy.
Nigeria is feeling the heat and that is because its sole dependence on oil has made it suffer a Twin Shock.
Oil prices dropped on Monday after the Saudis and the Russians postponed a meeting to discuss potential oil production cuts.
OPEC and other oil-producing countries are working on a deal for an unmatched production cut equivalent to about 10% of global supply,
Analysts have predicted the foreign reserves to fall below $30 billion if some measures are not taken.
S&P Global Ratings agency has pushed Nigeria deeper into ‘junk’ territory to B-, as Mexico was lowered to BBB, leaving it just two cuts from junk.
Crude oil prices went up on Friday as policy leaders around the world promised a huge injection of capital to limit the weakening world economy.
State governors, under the auspices of NGF, will meet will on Wednesday, March 25, 2020, to brainstorm on the economic issues in Nigeria.