Sunday, 13 September 2015

BOTTOM OF THE BARREL? OIL PRICES COULD DIP TO $20: GOLDMAN SACHS

The elders have a saying and i beg to quote "A spacious ground is the right place to demonstrate one's skill in wrestling". Therefore there is no time better than now for our President and his handlers to show the competence we all have been sold by the change mantra.The full diversification of the Nigerian economy , liberation of the petroleum downstream sector and cleansing of the augean stables in government finances which has started with the adoption of the Treasury Single Account (TSA) amongst others must be followed through to the most logical conclusion for us to experience a complete turnaround in these times of economic hardship faced by millions of Nigerians.JP Morgan,has recently advised that the price of oil could tumble even further to a low of $20 a barrel in a report published on Friday. It blames the global over supply which it says is even worse than had been expected. The investment bankers say they expect the surplus to continue next year. Over the past two months crude oil has plunged from around $60 a barrel to below $40 at one point. Goldman analysts believe prices will need to stay lower for longer to force production cuts.

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