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The Nigerian National Petroleum Corporation NNPC said the demand for Nigeria’s crude oil in the month of March dropped by 6.8 million barrels due to the coronavirus pandemic.
Speaking on Channels TV’s Sunrise Daily on Wednesday, the Group Managing Director of NNPC, Mele Kyari, said the drop in the demand for oil was not limited to Nigeria alone but global.
On how the country’s crude oil is doing on the international market, he said it is doing badly but also 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,’ he added.
The NNPC GMD further stated: “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.
“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.”
He however expressed optimism that there would be a rebound before the end of the last quarter of the year.
