Oil Prices Close To $40 As OPEC Meeting Is Postponed

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.