Abuja - Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke has said that there is no end in sight for oil price crash as it may last longer than expected, Punch reports.
Alison-Madueke, while addressing participants at the 15th Nigeria Oil and Gas Conference in Abuja said crude oil prices have dropped by 60 per cent from about $110 in June 2014 to $40 by January 2015.
Also read: 'Oil price slump will not ground Lagos economy'
She noted that the 2008 plunge in crude oil prices was due to a weak global economy, strong dollar as well as an over supplied oil market, but stressed that the current plunge was different as there was limited visibility as to how it would evolve.
Read more at Punch
- News 24