The Nigerian National Petroleum Corporation has revealed that the international demand for the country’s crude oil has dropped by 6.8m barrels in the month of March, and drop in demand has been attributed to the global pandemic Coronavirus. 
Mele Kyari stated that the global drop in oil demand was caused by the Coronavirus as well as the drop in oil prices too, while the International Monetary Fund and the World Bank predicts a recession that could hit the world even harder than the 2009 recession. Mele Kyari during an interview on Channels Television Sunrise he noted that the even though oil prices are currently at a low the market would stabilize as the year runs out sooner rather than later.
Speaking on Channels Television’s Sunrise Daily programme on Wednesday, Kyari said;
“Well, it (Nigeria’sOil demand in International market) 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 in internationally with OPEC, producers and the partners to make sure that there is balance.”
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