The price of crude oil round the world has fallen drastically to below $2 per barrel and $0 in the US market specifically.
The effects of the Coronavirus on global economies has erased global demand for the commodity with buyers in Texas pricing the commodity for as low as $2 from $5.
An oil glut hit the Oil market as economies have shut down and thousands of jobs as well as billions in capital have been lost in the sector.
There is a current oversupply of crude oil on the international market with no off-takers for billions of barrels floating on the sea.
The last minute efforts of Oil Producing countries to cut down on production is deemed to have come too late as global demand has fallen to one third of what it used to be before the Coronavirus pandemic.
It’s unsure how Nigeria will fare during the coming times as there is a lack of diversification of the export with major dependence on the now valueless oil.