The implementation of Nigeria’s 2020 budget may suffer setback over the China’s recent outbreak of Coronavirus, forcing oil price to three-month low of $58 per barrel yesterday, from $60 last week.

With this development, Nigeria may be losing about $2 per barrel. The Federal Government had in its 2020 budget benchmarked oil price at $60 per barrel, and a daily production of 2.1 million barrels per day (bpd).

Multiple sources familiar with trends in the global oil market are worried that the the disease may see oil price decline further in the weeks ahead.

China, which is a major market for crude oil in the world, appears to have slowed on its demand as major companies in need of fossil fuel are shutting down operations over fears of virus spreading further.

China’s coronavirus outbreak has rattled oil markets, sending prices sharply lower as investors worry that efforts to prevent it spreading will harm the country’s economy and reduce demand for crude.

Brent crude futures traded around 3% lower on Monday at $58.00 a barrel, their lowest level since October. US crude futures were down roughly 3 per cent.

The price of Brent, the global benchmark, has tumbled by about 10% since January 17, when Chinese authorities confirmed the death of a second person infected with the virus. It has spread rapidly since then, leading the Chinese government to impose restrictions on transportation. Full, or partial lockdowns, are in effect in 15 Chinese cities, covering 60 million peopl

Source:- http://rayloaded.com.ng/coronavirus-nigeria-to-lose-4-2m-daily/

At least our oil go dey save small for the time been