Monday, April 15, 2024

COVID-19: Demand for Nigeria’s oil drops by 6.8m barrels, says NNPC

The Nigerian National Petroleum Corporation says demand for Nigeria’s crude oil in March dropped by 6.8 million barrels due to the COVID-19 pandemic.

The Group Managing Director of NNPC, Mele Kyari, said this on Channels Television’s Sunrise Daily programme on Wednesday.

Kyari said the drop in the demand for oil was not peculiar to Nigeria but global.

When asked how Nigeria’s crude is doing on the international market, he said, “Well, it is doing badly but it is improving. Last week, it went down to close to $15 per barrel but as I speak this morning, we are at $32.79 to a barrel.

“So, we think with all the engagements going on, countries going back to work like in Europe means consumption will come back, demand will rise because we have lost about 6.8 million barrels of demand in March alone.

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And when things come back, the market will balance and make sure that the market recovers. I am sure you are aware of all the engagements that have gone on internationally with OPEC, producers and the partners to make sure that there is balance.”

Kyari expressed optimism that things would rebound before the end of the year.

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