Nigeria ’s “Guardian” reported on April 21: Although OPEC + reached a production reduction agreement, the decline in global demand and insufficient storage capacity led to the failure of oil prices to rebound. Energy experts said that oil-producing countries such as Nigeria, Iraq, and Angola lack sufficient refining capacity at home and long-term supply contracts with oil-importing countries, and will suffer the most from the decline in oil prices. If oil prices continue to fall below costs, Will force oil producers to stop production. The International Energy Agency (IEA) said that although OPEC + and G20 have taken action to alleviate excess oil production, the oil industry may test the limits of its storage capacity in the coming weeks. Previously, Nigeria adjusted the benchmark oil price in the budget to US $ 30 / barrel, with a daily output of 2.18 million barrels, but according to the OPEC + production reduction agreement, Nigeria ’s expected output in the three stages was 1.41 million barrels / day, 1.49 million barrels / day and 157 Ten thousand barrels per day, which brings challenges to the revised budget.
