COVID-19 AND THE OIL PRICE SLUMP: WHAT IT MEANS FOR AFRICA

摘要

GLOBALLY, LOCKDOWN AND social distancing has resulted in a sharp drop in demand for oil. The price of Brent crude fell from just under $US59 a barrel on February 19 to a 20-year low of around $US20 a barrel in late April, before an agreement from OPEC+ countries to slash global output helped prices recover to around $US41. In late April, with storage capacity running dangerously low in the US, the price of WTI crude oil futures plummeted into negative territory for the first time. The slump was felt by Africa's net energy exporters, which often rely heavily selling hydrocarbons.