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Chad: oil revenues increase by 33.4% in the 1st quarter of 2020

The consequences of the Covid-19 are felt everywhere. However, the oil sector is still vibrant  in Chad with an increase in revenues in the first quarter of 2020.

From health to economy to education, the impacts of the health crisis are visible. Speaking of the economic sector, in the first quarter of 2020, the oil sector in Chad and elsewhere is marked by the drop in the price of Brent. A consequence of the reduction in global demand for crude oil caused by the Covid-19 pandemic.

During the first quarter of 2020, oil revenues collected in Chad amounted to FCFA 102.1 billion in the 1st quarter of 2020 compared to FCFA 76.5 billion in the 1st quarter of 2019, an increase of 33.4%. As for local consumption of petroleum products, diesel remains the product that has experienced a drop in consumption.

“This increase is mainly due to the collection of taxes on oil companies in previous years,” said a note from the Chadian Ministry of Finance and Budget.

As a reminder, in the space of three months, from January to March 2020, the average price of Brent was 50.4 US dollars, while it was 63.4 USD in the 4th quarter of 2019.