Not since April 2004 has Brent oil dropped below $30 a barrel. But it did for for the first time on Wednesday following speculations that Iran would soon start exporting up to 500,000 barrels of crude oil within a week and up to 1 million barrels within six months. This has become likely as a nuclear deal between Iran and world powers may be implemented by the time the markets open on Monday.
Once the deal is signed and sanctions lifted, Iran is expected to see a sharp rice in its shipments, according to Roknoddin Javadi, the head of National Iranian Oil Co.
For Nigeria, the continued drop in the price of oil does not bode well for the economy. Growth is slowing, the naira is depreciating in comparison with the dollar and the stock market has suffered record losses in 2016 already.