The International Monetary Fund( IMF), expects Nigeria’s Crude Oil exports for the remaining year to drop by $26.5 Billion as Covid-19 affects global demand.
This comes as Africa’s biggest oil producers, Nigeria and Angola are expected to reduce production for the months of May and June in a new OPEC agreed cut deal.
Each OPEC member is expected to reduce production by 23%.
The Qua Iboe crude grade operated by Exxon is expected to slash June exports to 95,000 Barrels Per Day.
On Tuesday, The IMF approved Nigeria’s $3.4 Billion Rapid Financing Instrument and also warned about Nigeria’s exposure to risk in the oil market.