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Drop in Global Oil Prices top The Agenda in T&T

by | Jan 7, 2015

oil-rig

One of BHP Billiton’s off-shore rigs in the Angostura field

On Thursday, this country’s Prime Minister will formerly address the issue of falling oil prices, delivering to the population, her government’s intended strategies to deal with the situation that has led to some worry within some quarters in Trinidad and Tobago.

 

International media reports noted a drop in US crude oil prices for February to $49.95, down five per cent from Friday’s close.

 

It recovered to US$50.20 per barrel just before noon on Monday, while the Brent crude for February also hit a fresh 5-½-year low, falling as low as $52.66 per barrel before rebounding back above $53.

 

These rebound prices are still well below the US$80 per barrel West Texas Intermediate or US crude oil price on which the national budget for fiscal 2015 was partly based.

 

Minister of Finance Larry Howai has divulged that the Government has “revisited the budget in light of the continuing fall” in global oil prices and it is on this platform that the prime minister will make her statement on Thursday.

 

Trinidad and Tobago continues to earn the majority of its revenue from oil and natural gas.

 

The Government recently announced it was seeking to cut expenditure in non-essential areas by $45 million per Ministry.

 

Last week, the Prime Minister sought to allay any concerns by citizens about the situation, claiming that the fall in oil price was not cause for panic.

 

She assured that the Government was closely monitoring the situation.

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