Nigeria Risks Recession As Saudi Arabia Begins Global Oil Fight

Saudi Arabia plans to unilaterally increase oil output next month, a move that could further reduce prices and could make matters worse for oil-dependent countries like Nigeria. Nigeria makes most of its foreign earnings from oil. The current price of oil is already well below the U.S.$57 a barrel Nigeria benchmarked in its 2020 budget, with planned daily production put at 2.18 million barrels.

(file photo).

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