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July 13, 2020

Coronavirus company news summary – Nigeria’s oil savings drops to $72.41m – IEA raises 2020 oil demand forecast

By Jessica Paige

13 July

The number of oil and gas rigs operating in the US fell for the consecutive tenth week to a record low amid Covid-19 crisis. In the week to 10 July, the figure dropped to 258, according to the data reported by energy services firm Baker Hughes. However, the rate of fall has reduced in the recent weeks with several energy firms resuming drilling operations.

Nigeria’s excess crude account, an oil savings account which holds US currency against crude oil sales, has $72.41m as of 7 July. The figure dropped from $324.54m held on 20 November last year, reported Reuters. Nigeria is one of the biggest oil exporters in Africa and crude oil sales account for nearly 90% of foreign exchange earnings.

The International Energy Agency (IEA) has increased its 2020 oil demand forecast as relaxations of Covid-19 related curbs increased fuel demand. The agency revised its forecast to 92.1 million barrels per day (bpd), an increase of 400,000 bpd from its earlier outlook last month. However, IEA also warned that the increase in coronavirus cases in several countries continue to threaten the outlook.

According to a Reuters report, the Russian currency Rouble has further weakened as Covid-19 cases continue to increase. Primarily, the record-breaking surge in US coronavirus cases has affected Russian rouble. On 10 July, the currency was 0.5% weaker against US Dollar at 71.26.

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