Oil price drop as Saudi Cuts down on production reports the Nigerian National Resource Charter (NNRC). And this also has affected China imports, causing a slowdown.
This was disclosed on the Nigerian National Resource Charter (NNRC) twitter handle @NigeriaNRC yesterday. In a tweet which reads thus; “Oil prices drop following Saudi cuts, China imports slowdown.”
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“Oil fell by more than 1% Monday after touching their lowest points since July as Saudi Arabia made most profound monthly price cuts for supply to Asia in 5 months and hopes about demand recovery faded amidst COVID-19.”
Nigerian National Resource Charter (NNRC) went further to give more details on the current oil price global situation.
Fuel subsidy is not included in the 2020 budget.
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It revealed that Brent crude was at 41.99 United States Dollar, a barrel, down sixty-seven percent (67%) or 1.5% after earlier sliding to 41.51 United States Dollar, the lowest since July 30. United States West Texas intermediate crude slid by seventy percent (70%), or 1.76%, to 39.07 United States Dollar a barrel earlier dropping to 38.55 United States Dollar, the lowest since July 10.
