The Nigerian National Petroleum Corporation says Nigeria lost 6.8 million barrels worth of crude oil demand in March due to the Covid-19 pandemic.
The Group Managing Director of NNPC, Mele Kyari, said this on Channels Television’s Sunrise Daily programme on Wednesday.
Kyari said Nigeria suffered greatly due to the drop in the demand for oil around the world.
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 a barrel but as I speak this morning, we are at $32.79 to the barrel.
“So, we think with all the engagements going on, countries going back to work like the United States and Europe going back to work, it 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.”
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