The Organization of Petroleum Exporting Countries reference basket has revealed that Crude oil has dropped for the second consecutive month, shedding 48 per cent of its worth, as cargoes of unsold oil continued to accumulate.

OPEC explained in its just released Monthly Oil Market Report for May 2020, in Abuja that oil in its reference basket crashed in price to the lowest monthly point since December 2001.

 It added that Crude oil spot prices recorded a second sharp monthly drop in April amid an ongoing rise in the oil surplus in the spot market and accumulating unsold cargoes, as refiners heavily cut runs due to plunging oil demand and rising global oil stocks, both onshore and offshore.

The organization said crude oil futures prices extended sharp declines in April amid a strong contraction in both the global economy and oil demand due to the impact of the COVID-19 pandemic.