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Minister expresses concern over crude oil sales dip

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CoronaVirus disease is taking a toll on global economy with crude oil sales dropping drastically as companies shutdown businesses.

The impact is fast telling back home as the sales of Nigeria’s crude oil in the international market falls from its projection of $57 per barrel for 2020.

Nigeria’s Minister of State for Petroleum, Timipre Sylvia has expressed strong concern about the situation which has left the country’s projection for 2020 with a shortfall that maybe too massive to recover in very “short notice”.

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As CoronaVirus bites harder, Nigeria’s oil fortunes drops drastically from a projected $57 per barrel to $55 with devastating implications on the country’s ability to sufficiently fund the budget for 2020.

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.

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That projection hit rock bottom as global price for crude dropped in the wake of the outbreak of CoronaVirus disease and with the epicentre in China.

Nigeria’s Minister of State for Petroleum said the country was extremely worried about the dip which could fall as low as $48 as more companies shutdown businesses in the wake of CoronaVirus disease.

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The Minister stated this when he joined the Senate Joint Committee on Petroleum on inspection of vandalised petroleum assets in parts of Lagos.

Coronavirus disease has killed over 3000 people since it broke out in Southern China in January with the World Health Organization saying the scourge has reached “pandemic level” as the disease spread across regions outside China with the first case recorded in Nigeria.

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