Ahead of the
presentation of the Mid-Year Review of the Budget Statement and Supplementary
Estimates for the 2023 Financial Year to Parliament, an energy analyst Benjamin
Nsiah is impressing on Government to review downwards its projected benchmarks
for crude oil price.
The government
had earlier projected a benchmark oil price of 88.55 dollars per Barrel for
2023 at an output of 52 million barrels.
But in a Citi
Business News interview, Benjamin Nsiah said government must peg the
new figure at an appropriate level to properly align with international figures
revenue and expenditure.
“The first of
2023,it was observed that the prices of crude has been stable around USD 75 per
barrel and Energy Information Administration of USA also projected that
the second half of the year prices will average at USD 79,” he explained.
“If we don’t
have new projections or reduce our anticipation of this market price, there
will be a large balance of trade deficit where by our projected revenue from
abroad including that of Oil export against our projected imports will have a
bigger gap,” he added.
SOURCE: CITINEWSROOM.COM
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