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DROPPING CRUDE OIL PRICES
US President Donald Trump has disclosed that the Organisation of Petroleum Exporting Countries and allies (OPEC+) is looking at 20 million barrels per day oil cut and not the 10 million bpd that is widely reported
The price of crude oil has posted a 7-month low, declining by 4% to $57 a barrel in two days. This is the first time oil price would post a huge fall since January 2019.
Several oil-rich nations (Nigeria inclusive) may face looming financial crises as Oil price declined to a 4-month low of $61.99 p/b on Friday, May 31, 2019. This low price was last recorded in February this year.
As global crude oil prices continue to decline, there are growing concerns that the development could negatively affect the Nigerian Government's economic plans.