The impact of COVID-19, oil price war on developing countries
Developing countries could see their oil and gas income fall by between 50 percent and 85 per cent this year, that's according to a joint statement by the International Energy Agency and OPEC.
Wed, 18 Mar 2020 11:17:50 GMT
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AI Generated Summary
- The COVID-19 pandemic and the oil price war have led to a significant decline in oil and gas revenue for developing countries, posing a severe threat to their economies.
- The uncertainty surrounding oil production and the impact on government revenue is a major concern, particularly for countries like Nigeria, a member of the OPEC PLOSC committee.
- In light of the crisis, urgent action is needed to address the economic challenges faced by developing nations, including measures to revise budgets, cut expenditures, and enhance revenue generation efforts.
Developing countries are facing dire economic challenges as a result of the COVID-19 pandemic and the oil price war that has severely impacted oil and gas income. According to a joint statement by the International Energy Agency and OPEC, developing nations could see a significant decrease in oil and gas revenue, ranging from 50 percent to 85 percent this year. This warning has sparked concerns about the potential far-reaching consequences on the economies of these countries. The situation is particularly worrying for countries like Nigeria, a member of the OPEC PLOSC committee, as they grapple with the uncertainty surrounding oil production and its impact on the economy. Steve Osho, Managing Director at Comercio Partners Capital, shared his insights on the challenges faced by developing countries in an interview with CNBC Africa. Osho highlighted the need for urgent action to mitigate the economic fallout of the crisis. The interview touched upon various critical issues, including the impact on government revenue, market conditions, and the necessity for fiscal and monetary policy coordination.
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