Oil price could plunge further according to reliable sources Kunlemicrofinance reports as Saudi Arabia plans to increase oil output next month.This threatens a nation like Nigeria dependent on oil revenue with uncertainty and guarranteed recession.
Given that the fears of recession and fall in the value of the currency is also guarranteed and not negotiable,the possibility of a fall below budget benchmark has made the recession a reality before the eyes of the investors and public.At an oil producers'meeting,a media reportby premium times revealed that the impact of disagreement over oil cut by oil producers.At OPEC meeting the membership countries decided to cut production by 1.5m.b.per day to stop further decline in international oil prices.
Though OPEC noted the burden would be shared by non OPEC countries,this translates to 1.5percent of current global supplies of 300millionb.per day.However nonOPEC members like Russia on friday decided against the de
cision instead that oil producing countries could export
Given that the fears of recession and fall in the value of the currency is also guarranteed and not negotiable,the possibility of a fall below budget benchmark has made the recession a reality before the eyes of the investors and public.At an oil producers'meeting,a media reportby premium times revealed that the impact of disagreement over oil cut by oil producers.At OPEC meeting the membership countries decided to cut production by 1.5m.b.per day to stop further decline in international oil prices.
Though OPEC noted the burden would be shared by non OPEC countries,this translates to 1.5percent of current global supplies of 300millionb.per day.However nonOPEC members like Russia on friday decided against the de
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