Coronavirus disease is taking a toll on the sales of crude as it has dropped drastically due to companies shutdown.<\/p>\n
The impact is fast telling back home as the sales of Nigeria\u2019s crude oil in the international market has fallen from its projection of $57 per barrel for 2020.<\/p>\n
The Nigeria\u2019s Minister of State for Petroleum, Timipre Sylvia has expressed strong concern about the situation which has left the country\u2019s projection for 2020 with a shortfall that may be too massive to recover in very \u201cshort notice\u201d.<\/p>\n
As Coronavirus bites harder, Nigeria\u2019s oil fortunes drops drastically from a projected $57 per barrel to $55 with devastating implications on the country\u2019s ability to sufficiently fund the budget for 2020, the Minister has said.<\/p>\n
Nigeria had hoped that China will provide it with the single largest sales when it pegged its projection for 2020 at $57 per barrel of crude.<\/p>\n
That projection hit the rock bottom as global price for crude dropped in the wake of the outbreak of Coronavirus disease and with the epicentre in China.<\/p>\n
Nigeria\u2019s Minister of State for Petroleum said the country was extremely worried about the dip which could fall as low as $48 as more companies shut down businesses in the wake of the disease.<\/p>\n
The Minister stated this when he joined the Senate Joint Committee on Petroleum on inspection of vandalized petroleum assets in parts of Lagos.<\/p>\n
Coronavirus disease has killed over 3000 people since it broke out with the World Health Organization saying the scourge has reached \u201cpandemic level\u201d as the disease spread across regions outside China with the first case recorded in Nigeria.<\/p>\n","protected":false},"excerpt":{"rendered":"
Coronavirus disease is taking a toll on the sales of crude as it has dropped drastically due to companies shutdown. The impact is fast telling back home as the sales of Nigeria\u2019s crude oil in the international market has fallen from its projection of $57 per barrel for 2020. The Nigeria\u2019s Minister of State for […]<\/p>\n","protected":false},"author":62,"featured_media":17914,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[860,202],"class_list":["post-22107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-nigerian-liquefied-natural-gas","tag-oil"],"yoast_head":"\n