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Commodities Briefing - Categorized | Oil, Price Watch more

Oil price benchmark: ‘Stick to $75’, Nigeria urged

Posted on 16 October 2012

The ongoing controversy over oil price benchmark for budget 2013 has attracted international attention with Standard Chartered Bank urging Nigeria to retain the $75 oil benchmark as submitted by President Goodluck Jonathan.
Mr Razia Khan, the Regional Head of Research of the bank, who gave the advice in a confidential briefing obtained by the Nigerian Tribune, expressed fears that a higher benchmark posed serious threat to the Nigerian economy. The economist also expressed worries about the budgeted oil output of 2.5 million barrels per day due to what he called lack of exact figures and data on investment and output in the nation‘s oil sector………………………………………..Full Article: Source

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