Here’s what the low price of crude oil means for every Nigerian [Explainer]
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Oil is almost selling for free because of the coronavirus pandemic. If you are Nigerian, this is how this global predicament affects you.
Oil producers are now basically paying buyers to take the commodity off their hands because there’s nowhere to store the excess oil that is still being pumped
A production cut deal reached between Russia, Saudi Arabia and OPEC, has proved too little, too late.
How did we get here?
Well, the novel coronavirus (COVID-19) is to blame. There’s no demand for oil right now because most of the world is not flying, driving to work, heading to the mall to pick up groceries or traveling.
When last did you drive out since the Nigerian governments imposed lockdowns in most cities? Exactly!
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