In response to the impact of coronavirus on global oil demand, OPEC’s technical Committee is proposing additional oil production cuts of 600,000bpd. The new cuts are subject to Russia’s approval.
This will bring the total OPEC production cuts to 2.3mbpd. Nigeria’s current quota of 1.7mbpd could be clipped with a negative impact on the country’s fiscal and forex revenues.
In the slides, these issues were discussed by analysts at the FDC Think Tank on Channels TV Business Morning programme today.
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