Femi Asu
Nigeria is in the worst position among major oil exporting countries in the Middle East, Africa and parts of Europe to have balanced budgets this year, with oil forecast to average $52.50 per barrel, according to Fitch Ratings Limited.


The country needs an oil price of $139 per barrel to balance its budget, the global rating agency said in a report on 14 major oil exporting nations in the Middle East, Africa and emerging Europe.

The forecast break-even oil prices of other African countries, Angola, Gabon and Republic of Congo were put at $82, $66 and $52 per barrel, respectively.

According to Fitch, Saudi Arabia needs an oil price of $74 per barrel; Bahrain, $84; Russia, $72; Kazakhstan, $71; Oman, $75; Azerbaijan, $66; Iraq, $61; United Arab Emirates, $60; Qatar, $51; and Kuwait at $45.

It said even after cuts in government subsidies and currency devaluations, 11 of them would not have balanced budgets this year, including Saudi Arabia, Bloomberg reported on Thursday

Only Kuwait, Qatar and the Republic of Congo have estimated break-evens that are below Fitch’s oil price forecast for this year.

Kuwait at $45 per barrel traditionally has a low break-even because of its high per-capita hydrocarbon production and more recently its “large estimated investment income” from its sovereign wealth fund, Fitch said.

The rating agency said it “substantially” raised the fiscal break-even prices for Nigeria, Angola and Gabon from 2015 levels because of rising government spending.


Read more@http://www.nairausd.com/2017/04/139-oil-price-is-needed-for-nigeria.html

FU KI NI..

Alisegun:
FU KI NI..

Meaning

I don't believe it. Even if it's true it's not happening.

Nigeria needs to FORGET OIL.

But BUHARI is addicted to sharing oil money

lets wait and c what buhari's econpmic team thinks about it

And the government is using Niger Delta oil money o dig oil well in lake chad?

DrGoodman:
And the government is using Niger Delta oil money o dig oil well in lake chad?

Na were confusion De show itself

Oil prices can never go so high. Let us just go back to agriculture and stop this wishful thinking