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Trinidad: TT may not benefit from increased oil prices

The recent spike in oil prices due to the ongoing conflict in the Middle East may not benefit TT due to this country’s reduced oil and gas production according to former energy minister Kevin Ramnarine.

Oil prices witnessed a spike on Monday following drone strikes on a Saudi oil facility said to be one of the largest in the world, over the weekend that shut off more than half of the kingdom’s daily exports, or about five per cent of the world’s crude production.

According to Bloomberg, Brent crude surged 14 per cent during the day to settle at US $69.22 per barrel while West Texas Intermediate crude was trading at US $62.93.

In a post to his Facebook page on Monday, Ramnarine said the increased prices were due to a cut in production as the drone attacks had reduced the kingdom’s production by 5.7 million barrels per day of oil.

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