Nigeria and other developing countries that rely heavily on oil revenue are set to witness a decline as their income from oil and gas is projected to fall by between 50 per cent and 85 per cent in 2020, reaching the lowest levels in more than two decades. The Organisation of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) gave the projection in a joint statement issued yesterday by the Secretary-General of OPEC, Mr. Mohammad Barkindo, and the Executive Director of IEA, Dr. Fatih Birol. The projection was a fallout of the two leaders’ review of the current situation in the global oil markets, where they assessed the impact of COVID-19 and the recent broad-based financial and oil market volatility on the global economy. However, oil prices have plummeted, as the global oil benchmark fell to as low as $29.02 per barrel. This development, fuelled by the […]