Browsing: Oil price in nigeria

PwC Oil Gas review Africa’s oil gas industry needs to learn to leapfrog and harness innovation

The world recorded another day in history —April 20, as the day oil prices globally took a negative dive, dropping below zero for the first time. International players in the hydrocarbon game have not shaken, as traders and nations pursued storage space and determining ways to drive demand scarcity.

According to reports from Bloomberg News, the oil price rise was manifested by both, pandemic fears and the price war between Saudi Arabia, Russia and the US, which affected the energy markets and traders.

As the pandemic escalates, the umbrellas of lockdowns have annihilated significant demand for oil, and other economic gains associated. Hence—the price war broke and intensified, as Bloomberg report said “  Saudi Arabia and Russia, the world’s biggest oil producers, escalated the price war. A pact that had restrained production collapsed and both countries opened their taps to the fullest, releasing record volumes of crude into the …