The Group Managing Director of the NNPC, Mele Kyari has lamented that the nations crude demand dropped to 6.8 million barrels due to the Coronavirus pandemic.
The NNPC GMD said this when he appeared on a live television programme on Channels TV, where he said that the drop in demand for oil was not peculiar to Nigeria but was global.
When asked how Nigeria’s crude is doing on the international market, he said, “Well, it is doing badly but it is improving. Last week, it went down to close to $15 per barrel but as I speak this morning, we are at $32.79 to a barrel.
“So, we think with all the engagements going on, countries going back to work like in Europe means consumption will come back, demand will rise because we have lost about 6.8 million barrels of demand in March alone.
“And when things come back, the market will balance and make sure that the market recovers. I am sure you are aware of all the engagements that have gone on internationally with OPEC, producers and the partners to make sure that there is balance.”
Kyari expressed optimism that things would rebound before the end of the year.
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