India has made a major oil decision that will affect the revenue of Nigeria.
The Asian country has cut down on its importation of crude oil and plans to cut even more if the COVID-19 pandemic continues.
India is Nigeria’s largest marked for crude oil, but it is not seeking oil from the West African country alone. It has been cutting off members of the Organisation of the Petroleum Exporting Countries, which Nigeria falls in.
It was gathered that $39.5 billion oil cut was made in April, this is according to India’s Petroleum Planning & Analysis Cell. While it is buying more of Canadian and American oil, it was reducing importation from Africa and Middle East.
Before the cut in April, Nigeria grossed $10.04 billion from India’s importation last year, as the country accounts for 17 per cent of Nigeria’s total crude exports
This revenue is expected to drop this year, and this is due to increasing COVID-19 pandemic which has affected demand within the country as Indians struggle with the virus.
Nigeria is already having revenue issues due to the crash in oil revenue last year. While oil price is already rebounding surpassing $60 per barrel, countries suffering the second wave are affecting Nigeria’s oil revenue due to restriction.
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