There appears to be no respite in sight for oil producers, as the volatility and continuous price slump in the global oil market continue.
The International Energy Agency (IEA) in its latest forecast, expects Brent oil price to average US$33 this year.
Recently, there have been speculations and uncertainties as to whether OPEC+ will agree to change crude oil output cuts for member countries.
The International Energy Agency has projected that members of OPEC and all the other OPEC+ countries, will face very stiff competition in 2020.
Brent crude has fallen to its lowest level this year and below the proposed benchmark for Nigeria’s 2019 budget.