The Global Oil Market Sneezes and We Break Out In A Fever, By Uddin Ifeanyi - Premium Times Opinion

It is not also about the fact that over the last couple of weeks, the news has included the fact that West African oil cargoes were stranded on the high seas looking for buyers. True, covid-19 has dampened China’s appetite for all commodities, including our precious main export. But long before that, as an oil export-dependent economy, we were increasingly vulnerable to three main global trends. The rapid reduction in the energy-intensity of global production.

Over much nearer horizons, it would matter for the economy’s health how the diminution in government’s official revenues as a result of the oil shock feeds through to the coffers of regional and municipal governments.

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