nnpc $38 oil benchmark feasible by April – NNPC

The Group Executive Director, Finance, Nigerian National Petroleum Corporation (NNPC), Isiaka Abdulrazak has said that a 38 dollars per barrel oil benchmark is feasible by April, as projections suggest that prices will go above the benchmark by then, The Guardian reports.

Abdulrazak, stated this while briefing the Senate Committee on Finance in Abuja on Tuesday and said that based on projections derived from economic activities across the globe, oil prices would not go below 40 dollars per barrel before the end of 2016.

Abdulrazak explained that the economic growth of India and the growth expectations of other economies also suggested that the demand for oil would also increase. He expressed optimism that the tempo in oil and gas production would be maintained if the security situation in the region was maintained.

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