April 15, 2020 04:58 AM /by FDC / Header Image Credit: FDC
Oil prices received an initial boost after the global production cut agreement. Markets have since become sceptical about the size of the cut and the likelihood of it leading to a demand/supply balance. Brent which jumped 4% to $32pb earlier has since slid to $30.19pb.
The IMF projections of global and regional growth paints a sombre picture of the commodity prices and dependent economies. Nigeria like most oil producers is having to grapple with falling prices and a reduced production quota, which will make 2020 a very difficult year.