On Sunday, the International oil benchmark, Brent crude which stood at $ 45.72 per barrel has declined to $ 33 per barrel.
Reports reveal that the Oil prices has collapsed due to the Saudi Arabia price war that was lauched against Russia.
According to Reuters, the Brent , of which the Nigeria ’ s crude is priced, fell by $11. 62 to $ 33. 45 as of 9. 00am Nigerian time on Monday. At first, it dropped to $ 31.02, it ’ s lowest since February 12, 2016.
However, report from CNN Business shows that the traders are pleading for Saudi Arabia to flood the market with crude un order to recapture market share.
Meanwhile, the negotiations between the Organisation of Petroleum Exporting Countries and its partners crashed.
But Russiat being the leader of the 10 allies refused to go along with a plan for deeper crude production cuts to tackle the coronavirus ’ impact on global oil demand .
The Brent has been on a downward trend since the coronavirus broke out, fell by $ 3 .84 to $ 46.15 per barrel on Friday .
OPEC, on Thursday, revealed a plan under which it would slash its production quotas by an additional 1 million barrels per day for the rest of the year, contingent on Russia and nine other non - OPEC allies agreeing to shrink theirs by 500 ,000 barrels per day.
Oil prices has grew worse due to the outbreak of coronavirus that made the crude to fall.