MOSCOW (Pakistan Point News / Sputnik - 10th April, 2020) The volatility on the global oil markets driven by the coronavirus pandemic has "monumental consequences" on Nigeria, the country's ambassador to Russia, Prof. Steve Davies Ugbah, told Sputnik.
Later in the day, OPEC countries and non-OPEC oil producers are set to discuss the situation on the markets.
"The current situation in the global oil market, primarily driven by the novel coronavirus pandemic (COVID-19) is of monumental consequences on the economies of oil producing countries, particularly Nigeria, with a population of over 200 million, and the largest economy in Africa. The turbulence that the oil producers are going through begs for solutions for global economic stability. Nigeria supports any efforts that will bring about national and global economic stability to avert a meltdown," the diplomat said.
Oil price fell sharp on the global markets in early March after parties to the OPEC+ deal on output cuts failed to agree on the extension of the agreement past April 1. In addition, the uncertainty over the coronavirus pandemic and virus-linked restrictions, including massive air travel suspension, have wreaked havoc on the market.
