National Assembly Considers Reducing Benchmark Price Of Crude Oil

Nigeria’s National Assembly is reportedly considering reducing the benchmark price of crude oil for the proposed 2015 budget.

The current benchmark price stands at $65 dollars per barrel even in face of present realities where the international price of brent crude has fallen below $50 per barrel.

Nigeria, a mono economy has entered a period of austerity with international oil prices falling and OPEC refusing to cut production quotas for its members countries.

Analysts believe that the present benchmark price for crude oil remains unrealistic and a benchmark price of $45 per barrel seems a lot more realistic.

The National Assembly are said to be considering this train of thought at present and are expected to make this amendment to the proposed 2015 budget.

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