The slight increase in the international price of crude oil from $36.50 per barrel to $38.10 in the last five days is going to be a blessing to Nigeria, if the trend continues to the second quarter of 2016, a Professor of Energy Economics, Wunmi Iledare, has said.
Oil prices peaked from $36.50 in December 30, 2015 to $38.10 on Monday, January 4, 2016, on the back of worsening relationship between Iran and Saudi Arabia, a development which has raised concerns about possible supply eruptions.
According to him, the frosty relationship between Iran and Saudi Arabia, has put a premium on prices of crude, just as the market opened in 2016.
Iledare, who was formerly with the University of Port Harcourt, Rivers state, said a cut in the supply of crude oil by Iran, is expected to shot up the price of crude globally.
He said Nigeria, being a minor economy nation since it depends 70 per cent in revenues from oil for sustainance, would benefit if the price of crude continues to improve.
About The Nigerian Blogger
0 comments :
Post a Comment