The Coronavirus is putting the world’s economy under severe strain and the consequences are already being seen in oil production.
COVID-19 threatens African oil industry [Business]
The benchmark barrel of North Sea Brent crude oil plunged heavily in Asia, losing nearly 25% to $33.29 per barrel.
For experts, this is a loss of nearly 50% since January 1. It’s a concern in oil-producing African countries. Many oil-backed African countries have projected their revenues with an average assumption of $70 a barrel, which does not balance the budget.
On the Business segment of the Morning Call, our Jean David-Mihamle speaks to Secretary General of the Organization of African Petroleum Exporting Countries, Mahaman Gaya on the need for economic diversification within African economies.