The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari has confirmed that the demand for Nigeria’s crude oil has dropped by 6.8 million barrels as a result of the effect of the COVID-19 pandemic in the international market.
Mele Kyari, who made the confirmation during an interview on national television on Wednesday stated however that the report, which is for the month of March 2020, is not peculiar to Nigeria, but of global consequence due to the pandemic.
On the question of the performance of Nigeria’s crude in the international market, the NNPC boss answered, “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 (Wednesday), 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 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,” Kyari said
The NNPC helmsman, however, expressed optimism that things would rebound for Nigeria before the end of 2020, as he foresees an early resolution to the global COVID-19 question.