U.S. oil futures climbed to a three-month high in New York on Wednesday, trading at $49.54 a barrel at 7:09 a.m. local time.
Browsing: global oil price collapse
The IEA said huge amounts of stored oil was also putting pressure on prices.
President Buhari said the sudden fall in oil price in the international market has made Nigeria to become a poor country.
“As at the last count over N1trillion has been lost over a period of time and the revenue companies have found that they were losing more money in terms of tax evasion and avoidance than what they were even receiving as grants from multinational agencies.”
OPEC’s oil revenues were down by nearly half last year, falling 45.8 percent from 2014 to $518.2 billion, the lowest since 2005. The cartel’s exports slid in value by 29.1 percent year-on-year, while total imports declined by 8.7 percent.