Oil prices plummeted again falling temporarily below $20pb before a partial recovery to $22pb. This fall in price is an existential threat to the viability of shale oil and could lead to a likely cut in U.S. oil production this year.
This scenario may play to the advantage of OPEC producers like Nigeria who are in a desperate need for increased oil revenues to fund its budget and current account deficit.
In the link below, this and other burning issues in respect of the impact of the lockdown on domestic commodity prices is discussed on Channels TV Business Morning programme by the FDC Think Tank.
Enjoy your read!