Budget: FG Maintains Oil Bench Mark In Spite Increase In Oil Price - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Editor 2
September 16, 2019
Minister of State for Budget andNational Planning, Clem Agba says Federal government would maintain its benchmark of 60 dollars per barrel in spite of the sudden increase in price of crudeoil.
Agba said this while fielding questionsfrom journalists at a media briefing for the 25th Nigerian Economic Summit inAbuja on Monday.
Oil prices rose as much as 20 per centto above 71 dollar per barrel, the biggest percentage spike in almost threedecade as markets reopened after an attack on Saudi Arabia’s oil infrastructurethat cut more than half of the country’s production.
The minister said government would bemonitoring the situation to decide the next line of action.
He said if the current rise in price ofcrude oil is sustained then there might be need for adjustment otherwisegovernment had no such plan.
The reported strike by 10 drones atSaudi Aramco’s Abqaiq and Khurais oil facilities have disrupted more than halfof Saudi Arabia’s oil capacity or 5.7 million barrels per day .
The U.S has blamed Iran for the attackseven as Yemen’s Houthi rebels claimed credit. Some oil traders have alreadybegun to speculate if oil prices will cross the 100-dollar mark yet again.