Here's what the historic plunge in oil prices means for Nigeria, Saudi Arabia and other major exporters.
crude contract for May delivery fell by more than 100% to settle at negative $37.63 per barrel on Monday and expired on Tuesday at $10.01 a barrel. Futures contracts trade by the month.
As of Thursday, WTI contracts for June were hovering above $15 per barrel and international benchmarkIHS Markit vice chairman: Oil demand could be down by 30 million barrels a day in AprilMonday's collapse came as the coronavirus pandemic obliterates global demand, furthering a price shock seen in March as OPEC and its allies, chiefly Russia, engaged in drawn out negotiations over production cuts.
The latest capitulation compounds the problems facing the countries that are most dependent on oil exports for export revenues and government income.Nigeria, Africa's largest economy, had applied for more than $7 billion in emergency funds as of Tuesday from international lenders including the IMF, World Bank, the African Development Bank, and the Islamic Development Bank.
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