Estimated Reading Time: 1
Oil price rallied near $40 per barrel on Sunday evening, as a meeting between Organisation and Petroleum Exporting Countries (OPEC) and its allies have been postponed till Thursday, amid mounting tensions between Saudi Arabia and Russia.
The global oil price crash is setting up a bleak second quarter for many nations including countries like Nigeria whose economies are heavily dependent on oil receipts. Nigeria is particularly vulnerable.
To solve this problem, OPEC and allies led by Russia, a group known as OPEC+, are scheduled to meet on Thursday to discuss a possible new global crude supply cut to end a price war between Saudi Arabia and Russia which has prompted U.S. President Donald Trump to intervene.
- ‘Sheikh Gumi, others should exercise restraint’ Nigerian Army cautions
- COVID-19 Testing: Nigerian Government threatens to ban flights from UAE, Netherlands
- COVID-19: Ogun State receives 50,000 vaccine doses
- Nigerian students can now work in the UK after schooling; here’s the latest directive
- You promised to free her, Leah Sharibu’s family writes Buhari
- Breaking: No fewer than 19 persons have been abducted in Kutunku village in Niger State
- “OBJ, faults and all” – Kingsley Moghalu says former President Obasanjo is Nigeria’s best president since 1999
- Minister Pauline Tallen’s niece has been kidnapped In Jos
- EFCC invites Ondo Assembly members over fraud allegations
- #IWD: Aisha Buhari laments school kidnapping