Nigeria may soon slip out of reckoning as a profitable oil producer in the Organisation of Petroleum Exporting Countries ( OPEC ) if crude oil prices decline further by at least another $3. On Monday, the ravaging impact of the deadly coronavirus pandemic worsened, driving crude oil prices at the international oil market closer to the tipping production curve. Brent crude for May delivery lost $1.16 to sell at $25.82 per barrel on the ICE Futures Europe Exchange after dropping to as low as $24.68 last Friday, the lowest since May 2003. A fortnight ago, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, said at a crude oil price of $22 per barrel, high-cost oil producers like Nigeria should count themselves out of the business. “Saudi Arabia and Iraq can afford to crash their prices by $8 and $5 respectively in response to the […]