The declining prices are driven by a shift from global petroleum inventory declines during 2021 to inventory increases in 2022 and 2023.
Shares in Afren plunged more than 65 percent on Tuesday after the Nigeria- focused oil group revealed it needed to raise more than its market value in new equity to repair its battered balance sheet following sharp falls in crude prices, reports Bloomberg.
The London-listed oil and gas producer,
```
Members Only
Login or create an account to continue
This article is available to registered BusinessDay readers. Please login if you already have an account, or create a new account to continue reading.
New to BusinessDay? Register now and start reading.
```
BusinessDay
Nigeria's leading finance and market intelligence news report. Also home to expert opinion and commentary on politics, sports, lifestyle, and more
