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Energy Minister says dip in oil price will not hurt revenue

Kevin-Ramnarine_2-300x224Energy Minister Kevin Ramnarine assures his Government’s projected revenue stream has not been compromised by the drop in global oil prices.On Monday oil prices fell below US$80 a barrel. Trinidad and Tobago’s national budget is pegged at an oil price of US$80 and a gas price of US$2.75 per mmbtu. There has been an approximate $30 drop in oil prices in the last few months, from a high of US$115 a barrel in June.

Yesterday, United States oil futures ended trading in New York at US$82.20 per barrel.

Speaking following the launch of the Oil and Gas Expo and Conference, yesterday, Mr Ramnarine said there was no need to panic. He said there has been an increase in the number of barrels of oil produced per day this month. He said, “we recorded 85,000 barrels of oil per day in the month of October, which is a pretty healthy number.”

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