The Nigerian National Petroleum Corporation has revealed that international demand for the country’s crude oil dropped by 6.8m barrels in March due to the ongoing Coronavirus pandemic.
Coronavirus has impacted global oil demand with global oil prices dropping while the International Monetary Fund and the World Bank have predicted a recession worse than the 2009 recession.Mele Kyari, Group Managing director of the NNPC has stated that even though oil prices have dropped, the markets will stabilize as the year runs.
Speaking on Channels Television’s Sunrise Daily programme on Wednesday, Kyari said;
“Well, it (Nigeria’sOil demand in International market) is doing badly but it is improving.
”Last week, it went down to close to $15 per barrel but as I speak this morning, we are at $32.79 to a barrel. ”
“So, we think with all the engagements going on, countries going back to work like in Europe means consumption will come back, demand will rise because we have lost about 6.8 million barrels of demand in March alone.
“And when things come back, the market will balance and make sure that the market recovers. I am sure you are aware of all the engagements that have gone on in internationally with OPEC, producers and the partners to make sure that there is balance.”