L
LequteMan
Guest
Nigeria - Minister of Finance, Dr. Ngozi Okonjo Iweala, in a discussion on Sunday has expressed beliefs that oil prices will remain low for a long period, Bloomberg reports.
According to her, oil prices, currently at around $60 a barrel, probably won’t recover to the 2011-2013 level of more than $100 a barrel.
“You forecast at your own risk, but it seems to me that we should be regarding this as a permanent shock,” she said.
“We should prepare our economies for that eventuality.” she added.
She also expected prices to be around $60 to $70 a barrel in 12 months.
Brent crude has fallen about 42 percent over the past year, though it has increased 11 percent so far this year.
The Nigerian economy, which depends mainly on oil exports as a source of revenue, has been hit by the recent crash in prices.
#Nigeria #Oil #OkonjoIweala
According to her, oil prices, currently at around $60 a barrel, probably won’t recover to the 2011-2013 level of more than $100 a barrel.
“You forecast at your own risk, but it seems to me that we should be regarding this as a permanent shock,” she said.
“We should prepare our economies for that eventuality.” she added.
She also expected prices to be around $60 to $70 a barrel in 12 months.
Brent crude has fallen about 42 percent over the past year, though it has increased 11 percent so far this year.
The Nigerian economy, which depends mainly on oil exports as a source of revenue, has been hit by the recent crash in prices.
#Nigeria #Oil #OkonjoIweala
