…Industry experts react to looming recession By Sebastine Obasi, Ediri Ejoh & Prince Okafor Following the continued spread of coronavirus (COVID-19) and its impacts on the global commodity markets, there seems to be a heightened pressure on the nation’s budget as the price of Bonny Light declines to $29 per barrel. This is coming a day after Saudi Arabia flooded the international market with crude oil at prices as low as $25 per barrel. It was gathered that the move was specifically targeted to major refiners of Russian oil in Europe and Asia, in an escalation of its fight with Moscow for market share. Arab Light and Arab Medium barrels were offered at selling price of $25-28 per barrel on CIF Rotterdam basis. Meanwhile, the new drop in Bonny Light to $29.42, shows a difference of $2.31 against what was recorded last Friday. Also, Brent declined by 12 percent to $29.74 per barrel, its lowest level since February 2016. Also, U.S. West Texas Intermediate crude dropped $1.66, or 5.2 percent, to trade at $30.07 per barrel. This development pose significant threat to Nigeria’s 2020 Budget oil price benchmark of $57 per barrel, indicating that total revenue and size of the… Read full this story
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