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OPEC explains crude oil price volatility

Posted on 03 June 2013

Organisation of Petroleum Exporting Countries (OPEC) has attributed the current global crude oil price volatility to continued uncertainty, stemming from the slow pace of global economic growth, continued Euro-zone debt crises, high unemployment in advanced economies and the risk of inflation in developing countries.
Already, there have been fluctuations in crude oil prices going below $98 per barrel and this is setting off warnings about the ability of Nigeria to fund its yearly budget. The National Assembly passed a N4.987 trillion budget for 2013 last December, based on oil production of 2.562 million barrel per day; however the crude oil production assumption contained in the 2013 budget was never achieved in 2012………………………………………..Full Article: Source


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