A day after the National Assembly passed the revised 2020 budget pegging crude oil benchmark at $28/barrel, crude oil price on the international market rose above $40.
Prices marched higher on Wednesday, with Brent crude futures rising above $40 a barrel on expectations some of the world’s most powerful oil producers will reach a deal to extend supply cuts.
A sustained rise in the price of the commodity will mean that the predicted over three per cent negative growth for the economy in 2020 is greatly moderated.
OPEC and non-OPEC allies, a group of oil producers sometimes referred to as OPEC+, are expected to hold their next meeting on Thursday.
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Source: Nigerian Tribune
