Brent crude which is the international benchmark for crude oil dropped to $51.95 per barrel on Thursday.
This figure is $5 lower than Nigeria’s $57 crude oil benchmark in the 2020 budget.
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According to the International Energy Agency (IEA), global oil demand will witness its first contraction in a decade because the coronavirus outbreak has resulted in a partial shutdown of the Chinese economy.
The outbreak has also affected businesses and governments across the world as the supply of some raw materials have been delayed and conferences cancelled.
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